After closing Friday at $20.51, CME Silver trades at $21.91 today after making its biggest single-day jump of $1.41 (6.87%) recently.
CME Silver is currently trading at $21.91 following the release of U.S. President Biden speech data from the United States.
At the same time, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
As the trading day comes to an end, chart analysis indicates Silver broke through the $21 resistance, climbing 91 cents above it. Technical analysis trend indicators suggest that CME Silver made an initial breakout above its 200 day Simple Moving Average at $21, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $21.45 by around 47 cents with prices hammering out a $20.64 – $22.05 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $22.18, thereby suggesting that the CME Silver future is becoming overvalued.
Overall, while the CME Silver future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in the CME Silver future's price coincides with other Metals as Palladium gained 8.86% and is now trading at $1,483. Gold is up 2.61%. Having closed the previous session at $965.5, Platinum is up 4.34% today to currently trade at around $1,007.4.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index figure is projected at 6%. It previously stood at 6.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The current year has not been the best for CME Silver as it lost 14.29% from its highest point of $26.05.