CME Silver has been losing ground for 3 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing at $22.34 yesterday, Silver began today at $22.35 with significant bullish sentiment driving Silver's price action higher. So far today, price action has drawn out a distinct $22.25 to $22.59 range.
United States Crude Oil Inventories data will be released today at 15:30 UTC, with an expected improvement to -3.31 million (previous figure was -12.58 million).
At the same time, United States API Weekly Crude Oil Stock came out at -6.43 million, while a consensus of analysts was expecting -3.88 million. United States Trade Balance (Oct) released yesterday at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports data released yesterday at 13:30 UTC showed continuing decline to 256.6 billion from a previous figure of 258.5 billion.
Support/Resistance levels obtained from chart analysis indicate that Silver could be slowing down soon as it approaches resistance at $22.68. Of course, crossing it might suggest further gains are ahead.
While Silver is appreciating, other Metals are comparatively not doing so well — Copper is down to $3.78, losing 3.4 cents, after closing at $3.82 in the preceding trading session. Platinum closed at $990.4 (down 0.5%).
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million, having previously been at -12.58 million. The figure will be published today at 15:30 UTC.
Also worthy of note, tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 230,000 from the preceding figure of 225,000.
Silver now trading 25.51% above its 3-month low of $17.67.