Silver went up to $21.23 only to drop back some of the way and is now trading at $21.2 per troy ounce.
At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. Fresh 2-Year Note Auction data from United States came out at 4.505.
Silver broke through the $21.08 resistance and climbed above it 12 cents; next resistance level is at $21.27. The CME Silver future made an initial breakout above its 200 day Simple Moving Average at $21.08, a potential indicator of a newly emerging bullish phase. CME Silver is currently trading around the $21.1 Fibonacci resistance level.
Overall, looking at the technical analysis landscape, it seems CME Silver might continue pointing upwards in the short term.
This rally in CME Silver’s price coincides with other Metals as Copper is up 1.95%. Having closed the previous session at $987.9, Platinum is up 1.74% today to currently trade at around $1,005. Gold added 0.52% to its value, now trading at $1,748.7.
Moreover, macro data could boost sentiment further as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.5%. The figure will be published tomorrow at 13:30 UTC.
Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 225,000 from the preceding figure of 222,000.
Furthermore, the market is looking at United States New Home Sales (Oct) will be released tomorrow at 15:00 UTC.
The CME Silver future is now trading 18.12% above the significant low ($17.67) it slumped to 2 months ago.