Mixed sentiment sees CME Silver ending the day broadly flat; establishes tight $23.93 to $24.09 range

Published: January 26 2023, 02:35 GMT+0

Mixed sentiment sees CME Silver ending the day broadly flat; establishes tight $23.93 to $24.09 range

Without a clear-cut direction, Silver is trading around $23.96 per troy ounce and ranging between $23.93 and $24.09.

Uncertainty around CME Silver is reflected by published market data as 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. 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.

Meanwhile, mixed performances are seen in other Metals as Palladium goes up 0.84% to trade around $1,702.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published today at 13:30 UTC. 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. United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

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

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