Silver gains 1.64% within $23.55 to $24.18 daily range

Yesterday at a glance: Silver went up to $24 per troy ounce yesterday, gaining 1.64%.

At the same time, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. Fresh CFTC Gold speculative net positions data from United States came out at 179,800. United States CFTC Nasdaq 100 speculative net positions came out at 20,000.

Silver made an initial breakout above its 5 day Simple Moving Average at $23.98, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $23.69 currently serving as resistance Despite this, CME Silver could be slowing down soon as it approaches resistance at $24.27. 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.

This rally in Silver's price coincides with other Metals as Palladium rallies 4.16% yesterday and closed at $1,450.2. Gold increases 1.03% yesterday and closed at $1,959.8. Platinum rises 1.28% yesterday and closed at $1,058.2.

Over the past 16 days, CME Silver has retreated 10.31% from a noteworthy peak of $26.35.