Silver is rebounding after yesterday’s decline; markets await Powell’s speech.
The silver futures contract lost 1.65% on Thursday, August 22, as it pulled back from its Tuesday’s local high of $30.04, following gold prices retreat, stock market’s decline. On Tuesday, silver was the highest since July 19. On the previous 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.3% higher, as it is trading along the $29.40 level. What about the other precious metals? Gold is 0.7% higher, platinum is unchanged and palladium is 0.9% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been as expected at 232,000, and the Flash Manufacturing PMI/ Flash Services PMI releases have been mixed. Today, we will get the important Fed Chair Powell Jackson Hole Symposium Speech 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).
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Fed Chair Powell Speech, New Home Sales
- 3:00 p.m. U.K. - BOE Governor Bailey Speech
- All Day, U.S. - Jackson Hole Symposium
Monday, August 26
- 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, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist