Metals in focus as bullish the CME Silver future posts 3.49% gain

The CME Silver future spikes to $24.35 per troy ounce, climbing by 82.1 cents.

United States's Initial Jobless Claims new data released of 261,000 below its previous figure.

Nevertheless, Initial Jobless Claims in United States fell short of market expectations (235,000) with a reading of 261,000, continuing the decline from the previous figure of 233,000. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.

Meanwhile, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million.

Silver made an initial breakout above its 21 day Simple Moving Average at $23.65, a potential indicator of a newly emerging bullish phase. CME Silver is currently trading around the $23.67 Fibonacci resistance level. Silver has crossed the upper Bollinger Band® at $24.3, a potential sign that further gains are to follow. Silver broke through the $23.98 resistance and climbed above it 37 cents; next resistance level is at $24.41.

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

A look at other Metals also shows upside as Gold ascends 1.08% to trade around $1,979.5.

Though Silver is going up, other Metals are underperforming — Palladium is trading around $1,352.5 (down $35.5). After ending yesterday's session at $1,030, Platinum lost $9.8 and is trading around $1,020.2.

CME Silver reached a significant high of $26.35 around a month ago but has lost 10.71% since then.