CME Silver continues a 15 day surge, reaping a total of 25.9%. As the session continues, it seems to maintain one direction — after closing the previous trading day at $24.91, Silver is up to $25.18 per troy ounce, which makes for a move of 1.08%/26.8 cents today.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
According to momentum evaluation, the Relative Strength Index indicates Silver is currently 'overbought' which suggests new gains will be harder to obtain.
This rally in the CME Silver future's price coincides with other Metals as Gold added 0.79% to its value, now trading at $2,019.6. Having closed the previous session at $3.98, Copper is up 1.13% today to currently trade at around $4.02.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.
Elsewhere, United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.
The commodity has been trending positively for about a month. CME Silver has recovered 40.98% since descending to a significant low of $17.67 around 7 months ago.