Silver trades sideways following Monday’s breakdown.
The silver futures contract gained 0.43% on Tuesday, April 23, as it fluctuated following its Monday’s sell-off of over 5.5%. On Monday, it dipped on 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 backing off again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% lower, as it is trading near the $27 level. What about the other precious metals? Gold is 0.6% lower, platinum is unchanged and palladium is 0.2% lower. So, the main precious metals’ prices are lower this morning.
Yesterday, the U.S. PMI numbers have been both lower than expected. Today, we will get the Durable Goods Orders release at 8:30 a.m. The markets will be waiting for the important Advance GDP number release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, April 25
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
Paul Rejczak
Stock Trading Strategist