Bullish the CME Silver future runs out of steam at $26.16; currently at $26 per troy ounce

Small gain for Silver at $26 per troy ounce after ranging between $25.7 and $26.16 today.

United States's Initial Jobless Claims new data released of 242,000 below its previous figure.

Nevertheless, Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 242,000, continuing the decline from the previous figure of 229,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.

At the same time, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.

Investors are seeking long positions as Silver price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. The CME Silver future has just crossed its upper Bollinger Band® at $25.95, suggesting further gains could be on the cards. In contrast, although CME Silver is appreciating today after rising as high as $26.16, price action is now slowing and consolidating around 22 cents below the $26.22 resistance level. The RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In the CME Silver future's case, the index has risen above 70, signalling that the asset is overbought.

Overall, looking at the technical analysis landscape, it seems the CME Silver future might continue pointing upwards in the short term.

This rally in the CME Silver future's price coincides with other Metals as having closed the previous session at $2,037, Gold is up 0.83% today to currently trade at around $2,054.

Meanwhile, Platinum is trading around $1,056 (down $5.8).

Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available tomorrow at 12:30 UTC.

CME Silver now trading 14.95% above its 3-month low of $17.67.