The CME Silver future set for strong finish today; up 1.18% to $24.03 per troy ounce

Published: January 25 2023, 22:26 GMT+0

The CME Silver future set for strong finish today; up 1.18% to $24.03 per troy ounce

Silver posts light gains on a low-volatility day, ranging between $23.44 – $24.07 and is now at $24.03 per troy ounce.

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.

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. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

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

Back