Silver continues sideways as markets fluctuate following Friday’s volatility.
The silver futures contract lost 1.19% on Tuesday, April 16, as it fluctuated following its Friday’s rally and an intraday decline from a new medium-term high of $29.91. On Friday, silver rallied due to Middle East tensions and stronger U.S. dollar; however, later in the day, it sold off following gold prices retreat. Yesterday, it retraced some of the decline before going down to around $28.
Today, silver is rebounding and extending a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is trading above the $28.50 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.1% lower and palladium is 0.8% higher. So, the main precious metals’ prices are mixed again this morning.
Yesterday’s Building Permits and Housing Starts releases have been both lower than expected. Today, we will get the Beige Book release at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, April 17
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 12:00 p.m. U.K. - BOE Governor Bailey Speech
- 2:00 p.m. U.S. - Beige Book
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 5:30 p.m. U.S. - FOMC Member Mester Speech
- 6:30 p.m. U.S. - FOMC Member Bowman Speech
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day - IMF Meetings
Thursday, April 18
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 9:15 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 11:00 a.m. U.S. - FOMC Member Bostic Speech
- 5:45 p.m. U.S. - FOMC Member Bostic Speech
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist