Metals in focus as bullish the CME Silver future posts 0.6% gain

Published: January 26 2023, 00:06 GMT+0

Metals in focus as bullish the CME Silver future posts 0.6% gain

After closing the previous trading day at $23.94, Silver is up to $24.09 per troy ounce, which makes for a move of 0.6%/14.4 cents today.

Nevertheless, following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

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.

Rallies can also be seen in other Metals, Gold gained 0.34% and is now trading at $1,949.3.

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%.

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

Trading mostly sideways for a month. The CME Silver future now trading 22.84% above its 3-month low of $17.67.

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