Silver price pulls back from its Monday’s local high, trading below $30.
The silver futures contract lost 0.09% on Tuesday, August 27, as it remained close to the $30 level. Last Friday, it 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 on Monday, it broke higher, partly due to a change of the contract series. 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 retracing its recent advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.8% lower, as it is trading below the $30 level. What about the other precious metals? Gold is 0.6% lower, platinum is 2.4% lower and palladium is 1.6% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 103.3. Today, we will get speeches from the FOMC Members. The markets will be waiting for the U.S. GDP and Unemployment Claims data tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, August 28
- 1:15 a.m. U.S. - FOMC Member Waller Speech
- 6:00 p.m. U.S. - FOMC Member Bostic Speech
Thursday, August 29
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 3:30 p.m. U.S. - FOMC Member Bostic Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- 9:30 p.m. Australia - Retail Sales m/m
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist