Silver extends short-term fluctuations despite markets’ volatility following Middle East news.
The silver futures contract lost 0.07% on Thursday, April 18, as it extended a short-term consolidation following 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.
Today, silver is further extending a consolidation after going up after the Middle East conflict news overnight, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading along the $28.20 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.9% lower and palladium is 2.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 212,000. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, April 19
- 2:00 a.m. U.K. - Retail Sales m/m
- All Day - IMF Meetings
Monday, April 22
- No important economic data
Paul Rejczak
Stock Trading Strategist