Silver breaking its recent lows, following a sell-off in gold prices.
The silver futures contract gained 1.63% on Friday, April 19, as it followed a breakout in gold prices on stock market’s sell-off, among other factors. However, silver didn’t broke above the recent trading range, extending its consolidation below the $29 level.
On previous Friday, silver rallied due to Middle East tensions and stronger U.S. dollar, reaching a new medium-term local high of $29.91.
Today, silver is selling off and breaking the recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 4.3% lower, as it is trading clearly below the $28 level. What about the other precious metals? Gold is 2.1% lower, platinum is 1.2% lower and palladium is 1.9% lower. So, the main precious metals’ prices are much lower this morning.
Today, we won’t get any new important economic data; the markets will be waiting for tomorrow’s PMI numbers releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 22
- 11:30 a.m. Eurozone - ECB President Lagarde Speech
Tuesday, April 23
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - New Home Sales, Richmond Manufacturing Index
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
Paul Rejczak
Stock Trading Strategist