The CME Silver future set for strong finish this afternoon; up 1% to $24 per troy ounce with 2 hours before close

Published: January 25 2023, 20:11 GMT+0

The CME Silver future set for strong finish this afternoon; up 1% to $24 per troy ounce with 2 hours before close

Silver goes up to $24 per troy ounce, having dipped down to $23.44 earlier.

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

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

This rally in CME Silver's price coincides with other Metals as having closed the previous session at $1,935.4, Gold is up 0.42% today to currently trade at around $1,943.5.

Meanwhile, Platinum is trading around $1,046.5 (down $20.3). Palladium is down $40 from the beginning of the session and now trades around $1,695.5.

Furthermore, the market is looking at 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 tomorrow at 13:30 UTC. United States GDP projected to decline to 2.6 while previous data was 3.2; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to come out at 205,000 — worse than previous data of 190,000; data will be released tomorrow at 13:30 UTC.

Trading mostly sideways for a month. The past 3 months have been positive for CME Silver as it added 23.76% compared to its 3-month low of $17.67.

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