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June 01, 2023CME Silver rallies 41.3 cents (1.75%) deep into the session, trading at $24 per troy ounce.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
This move comes while some more positive signs for CME Silver are out as highly important Crude Oil Inventories data from United States beat analyst expectations of -1.10 million with a reading of 4.49 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 232,000.
Meanwhile, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
Silver made an initial breakout above its 21 day Simple Moving Average at $24, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $23.67 currently serving as resistance On the other hand, note that Silver could be slowing down soon as it approaches resistance at $23.85. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems CME Silver might continue pointing upwards in the short term.
Rallies can also be seen in other Metals, Gold is up 1.59%. Copper added 2.14% to its value, now trading at $3.71. Palladium gained 3.48% and is now trading at $1,387.5.
Furthermore, the market is looking at United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 253,000; data will be released tomorrow at 12:30 UTC. Projections for United States Average Hourly Earnings are set for a continuation of decline with 0.4% while previous data was 0.5%; data will be released tomorrow at 12:30 UTC. United States Unemployment Rate projected to decline to 3.5 while previous data was 3.4; data will be released tomorrow at 12:30 UTC.
Having soared to a high of $26.35 approximately 28 days ago, CME Silver is now trading 10.49% lower.
