Silver is extending Friday’s rally, breaking above $30.
The silver futures contract gained 2.66% on Friday, retracing its Thursday’s decline of 1.7% on weaker U.S. dollar after Jerome Powell’s speech at the Jackson Hole Symposium. Silver neared the $30 level again. On August 8, 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 rallying again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.6% higher, as it is breaking above the $30 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.8% higher and palladium is unchanged. So, the main precious metals’ prices are higher this morning.
Today, we will get the Durable Goods Orders release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, August 27
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 9:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist