CME Silver reached $25.7, breaking a 11 months record. Later, it lost 7.5 cents and is now trading at $25.62.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 232,000.
This move comes while some more positive signs for Silver are out as highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
Meanwhile, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
Support/Resistance levels obtained from chart analysis indicate that Silver could be slowing down soon as it approaches resistance at $25.91. Of course, crossing it might suggest further gains are ahead. Momentum evaluation shows that the Relative Strength Index indicates CME Silver is in an overbought condition.
Rallies can also be seen in other Metals, Gold increases 0.35% to trade around $2,032.
At the same time, Copper descends 0.42% to trade around $4.06.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published today at 12:30 UTC.
Also worthy of note, tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 232,000, following on from the preceding figure of 228,000. New data is set to be published today at 12:30 UTC.
Furthermore, the market is looking at United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
The commodity has been trending positively for about a month. CME Silver has appreciated 34.91% over the past six months.