Full steam ahead for Silver as 15 days uptrend continues

Having gone up $4.91 over the past 15 days, This session seems to remain in the same lane for now — tentatively higher from an earlier low of $24.97, the CME Silver future is up to $25.08 per troy ounce today, adding 16.8 cents, or 0.67%, to yesterday's closing price of $24.91.

Silver made an initial breakout above its 3 day Simple Moving Average at $25.05, a potential indicator of a newly emerging bullish phase. On the other hand, note that Silver could be slowing down soon; it is getting close to the resistance line and is now at $25.24, only 16 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.

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

This rally in Silver's price coincides with other Metals as having closed the previous session at $2,003.8, Gold is up 0.45% today to currently trade at around $2,012.8. Having closed the previous session at $1,407.6, Palladium is up 0.74% today to currently trade at around $1,418.

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 -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 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 tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.

The commodity has been trending positively for about a month. After hitting an important low of $17.67 approximately 7 months ago, CME Silver has bounced back 40.98% since.