Commodity traders stay bullish as Silver adds 5.9 cents or 0.18%

Published: January 26 2023, 03:35 GMT+0

Commodity traders stay bullish as Silver adds 5.9 cents or 0.18%

After closing at $23.94 yesterday, Silver began today at $24.05 with significant bullish sentiment driving Silver's price action higher. So far today, price action has drawn out a distinct $23.93 to $24.09 range.

On the flip side, Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

This rally in Silver's price coincides with other Metals as Gold gained 0.22% and is now trading at $1,946.8.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Also worthy of note, today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%.

Also worthy of note, United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

Trading mostly sideways for a month. The past 3 months have been positive for the CME Silver future as it added 22.84% compared to its 3-month low of $17.67.