Silver price broke the $28 level yesterday, and today, it’s consolidating.
The silver futures contract gained 3.95% on Thursday, August 15, as it rallied after breaking above the recent local highs along the $28 level. It reached a local high of $28.58; the highest since August 5. Last Thursday, silver rebounded from a new local low of $26.50; it was the lowest since May 3 after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, as it is trading along the $28.30 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.7% lower and palladium is 0.8% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Retail Sales release has been higher than expected at +1.0% month over month. Today, we will get the Consumer Sentiment release at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 1:25 p.m. U.S. - FOMC Member Goolsbee Speech
Monday, August 19
- 10:00 a.m. U.S. - CB Leading Index m/m
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes
Paul Rejczak
Stock Trading Strategist