Keeping up its 3 days of climbing (+27 cents), Heading in the same direction for now — after closing the previous trading day at $21.71, the CME Silver future went up to $21.91 only to drop back; still positive overall today, now trading at $21.77 per troy ounce.
Silver made an initial breakout above its 10 day Simple Moving Average at $21.86, a potential indicator of a newly emerging bullish phase. Despite this, Silver broke through the $21.84 resistance and climbed 7 cents above it.
Overall, looking at the technical analysis landscape, it seems Silver might continue pointing upwards in the short term.
Rallies can also be seen in other Metals, Copper is up 0.85% to $4.14. Gold goes up 0.2% to trade around $1,854.
Elsewhere, United States Existing Home Sales (Jan) is expected tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. This year has been a gloomy one for CME Silver after trading as high as $26.89 and going on to lose 10.67% of its value.