After ending yesterday at $20, the CME Silver future ascended as high as $20.2 before meeting resistance. Undeterred, the CME Silver future posted a fresh rally late in the trading session targeting $20.14 per troy ounce.

United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.

Nevertheless, following a previous reading of 1.17 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 395,000 figure expected by analysts with an actual reading of -1.69 million.

At the same time, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.

The CME Silver future's notable support and resistance levels: Silver broke through the $20.15 resistance and climbed 2 cents above it. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates the CME Silver future is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, the CME Silver future's lower Bollinger Band® is at $20, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests the CME Silver future is likely to remain muted for the immediate future, with no clear-cut direction.

Furthermore, the market is looking at projections for United States Non Farm Payrolls are set for a continuation of decline with 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to decline to 195,000 while previous data was 190,000; data will be released today at 13:30 UTC.

Also worthy of note, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. The current year has not been the best for CME Silver as it lost 17.77% from its highest point of $26.89.