Silver price keeps fluctuating ahead of the important CPI data today.
The silver futures contract gained 0.42% on Tuesday, December 10, as it fluctuated following its Monday’s rally of 3.2%. On Monday, silver broke above its recent trading range and moved near the $33 level, the highest since early November. It advanced after gold prices breakout following Friday’s employment data.
On November 14, silver was the lowest since mid-September, before reboundng and breaking above the $30 level. In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is moving sideways, 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 $32.60 level again. What about the other precious metals? Gold is 0.3% higher, platinum is 0.2% lower and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Nonfarm Productivity release has been slightly lower than expected at +2.2% q/q. Today, we will get the important Consumer Price Index release 8:30 a.m.
Friday’s Flash Manufacturing PMI release has been as expected at 48.8, and the Flash Services PMI number has been higher than expected at 57.0. Today, we won’t get any new economic data. The markets will be waiting for the CB Consumer Confidence release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, December 11
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, December 12
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist