Silver sold off by more than 5% following gold’s reversal.
The silver futures contract lost 5.54% on Monday, April 22, as it sold off following a breakdown in gold prices after failed attempt at extending the uptrend on Friday. Last week, silver kept 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 slightly extending its yesterday’s sell-off, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% lower, as it is trading below the $27 level. What about the other precious metals? Gold is 1.3% lower, platinum is 1.4% lower and palladium is 1.2% lower. So, the main precious metals’ prices are lower this morning.
Today, the markets will be waiting for the U.S. PMI numbers release at 9:45 a.m., followed by New Home Sales and Richmond Manufacturing Index at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, April 24
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist