Yesterday's upbeat market sentiment sees Silver gain 2.32%

Yesterday at a glance: with a daily low of $20.91, CME Silver closed yesterday at $21.39 per troy ounce, after ending Thursday at $20.9 and gaining 48.4 cents (2.32%).

Meanwhile, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. Fresh CFTC Gold speculative net positions data from United States came out at 128,800.

Silver made an initial breakout above its 10 day Simple Moving Average at $21.18, a potential indicator of a newly emerging bullish phase. Despite this, the CME Silver future could be slowing down soon as it approaches resistance at $21.54. Of course, crossing it might suggest further gains are ahead.

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

A look at other Metals also shows upside as Gold added 1.21% and closed around $1,840.5 yesterday. Notably, Platinum rose 2.15% yesterday and closed at $963.2.

The commodity has been trending lower for about a month. This year has been a gloomy one for CME Silver after trading as high as $26.89 and going on to lose 12.34% of its value.