Silver extends the uptrend, reaching above $29 on strong USD, Middle East tensions.
The silver futures contract gained 0.71% on Thursday, April 11, as it extended a short-term consolidation along the $28 level. On Wednesday, it backed off from a new medium-term high following the Consumer Price Index release, and before that, it was advancing, reaching the highest since June of 2021 following a rally in gold prices.
On March 21, silver failed to break above its early December local high of $26.34, backing off from the $26 level. Since then, it has been relatively weaker than gold.
Today, silver is breaking higher, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.8% higher, as it is trading above the $29 level. What about the other precious metals? Gold is 1.7% higher, platinum is 1.5% higher and palladium is 0.2% higher. So, the main precious metals’ prices are much higher this morning.
Yesterday’s Producer Price Index release has been lower than expected at +0.2%. Today, we will get the Michigan Sentiment number at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, April 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day, Eurozone - ECOFIN Meetings
Monday, April 15
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 8:00 p.m. U.S. - FOMC Member Daly Speech
- 10:00 p.m. China - Industrial Production y/y, GDP q/y, Retail Sales y/y
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist