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June 06, 2023
The CME Silver future is on a 10 day bullish run gaining 78.5 cents (3.65%). As the session continues, it seems to maintain one direction — marginally higher but lacking a clear-cut direction, the CME Silver future is trading at $23.68 per troy ounce after ranging between $23.5 and $23.77 today.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
At the same time, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.
Silver made an initial breakout above its 21 day Simple Moving Average at $23.7, a potential indicator of a newly emerging bullish phase. Silver formed a session range of $23.5 to $23.77 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $23.67. Despite this, the CME Silver future could be slowing down soon; it is getting close to the resistance line and is now at $23.86, only 18 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.
Rallies can also be seen in other Metals, Palladium is up 2.11%. Having closed the previous session at $1,974.3, Gold is up 0.26% today to currently trade at around $1,979.5.
Also worthy of note, tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is scheduled for today at 16:00 UTC.
Having set a significant high of $26.35 a month ago, the CME Silver future is trading 10.3% lower.
