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June 27, 2023Tentatively higher from an earlier low of $22.79, CME Silver is up to $23.02 per troy ounce today, adding 19.9 cents, or 0.87%, to yesterday's closing price of $22.83.
- New United States Consumer Confidence improved upon the previous 102.5 figure while also exceeding analyst expectations with a reading of 109.7.
- Today's session seems to be pointing upwards and is building on Silver's 4 days of gains (+55.6 cents).
United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000. Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7.
Silver made an initial breakout above its 200 day Simple Moving Average at $22.94, a potential indicator of a newly emerging bullish phase. On the other hand, note that the CME Silver future could be slowing down soon as it approaches resistance at $23.04. 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.
United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Fed Chair Powell speech is scheduled for tomorrow at 13:30 UTC.
Gold gained 0.16% and is currently trading at $1,937.
CME Silver reached a significant high of $26.35 around a month ago but has lost 13.37% since then.
