Silver price follows rally in gold, reaching above $28 mark.
The silver futures contract gained 1.09% on Monday, April 8, as it continued its short-term uptrend following a record-breaking rally in gold prices. It briefly breached the $28 level before retreating later in the day; however, this morning it’s trading above $28 again.
On March 21, silver failed to break above its early December local high of $26.34, backing off from the $26 level. Since then, it has been relatively weaker than gold.
Today, silver is trading above the $28 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading at new medium-term highs. What about the other precious metals? Gold is 0.9% higher, platinum is 1.7% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher again this morning.
The markets will be awaiting the important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, April 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 8:45 a.m. U.S. - FOMC Member Bowman Speech
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes, Federal Budget Balance
Paul Rejczak
Stock Trading Strategist