Commodity traders stay bullish as Silver adds 23.1 cents or 0.96%

Tentatively higher from an earlier low of $24.09, Silver is up to $24.29 per troy ounce today, adding 23.1 cents, or 0.96%, to yesterday's closing price of $24.06.

United States Core Consumer Prices is next today at 12:30 UTC.

At the same time, United States Federal Budget Balance (May) released yesterday at 18:00 UTC with a figure of -240 billion, while the previous figure was 176 billion. United States 10-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.791, while the previous figure was 3.448. United States 3-Year Note Auction released yesterday at 15:30 UTC with a figure of 4.202, while the previous figure was 3.695.

Silver made an initial breakout above its 3 day Simple Moving Average at $24.29, a potential indicator of a newly emerging bullish phase. In contrast, Bollinger Band® analysis indicates that current price action is approaching the upper band at $24.55, thereby suggesting that the CME Silver future is becoming overvalued. CME Silver is 9 cents away from testing key resistance at $24.38. Peaking above this level could inspire market bulls and open the path to further gains.

Overall, looking at the technical analysis landscape, it seems Silver likely to continue pointing upward in the short term.

This rally in Silver's price coincides with other Metals as Copper moves up 1.87% to trade around $3.82. Palladium is up 2.04%. Gold added 0.49% to its value, now trading at $1,979.4.

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 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.

Also worthy of note, United States Producer Price Index projected to decline to -0.1% while previous data was 0.2%; data will be released tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released today at 12:30 UTC.

The CME Silver future has fallen back around 8.69% from the significant high of $26.35 set a month ago.