Silver remains stable as markets await Consumer Confidence release.
The silver futures contract gained 2.12% on Monday, August 26, as it extended its Friday’s rally of 2.7% (including yesterday’s contract series roll-over). On Thursday, silver retraced its Thursday’s decline on weaker U.S. dollar after Jerome Powell’s speech at the Jackson Hole Symposium. Silver neared the $30 level again, and yesterday, it broke higher. 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 basically trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is breaking along the $30.40 level. What about the other precious metals? Gold is 0.4% lower, platinum is 0.1% lower and palladium is 0.7% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Durable Goods Orders release has been higher than expected at +9.9% month over month. Today, we will get the important CB Consumer Confidence number 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).
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
Wednesday, August 28
- 1:15 a.m. U.S. - FOMC Member Waller Speech
- 6:00 p.m. U.S. - FOMC Member Bostic Speech
Paul Rejczak
Stock Trading Strategist