Silver continues its yesterday’s decline as gold prices retrace their recent rally
The silver futures contract lost 4.09% on Thursday, December 12, as it sold off retracing its recent advances after a pullback in gold prices. On Monday, silver broke above its recent trading range and moved near the $33 level, the highest since early November. Yesterday, it was as low as $31.50.
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 extending declines, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% lower, as it is trading along the $31.30 level again. What about the other precious metals? Gold is 0.8% lower, platinum is 0.5% higher and palladium is 0.1% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Producer Price Index release has been higher than expected at +0.4% month-over-month. Today, we won’t get any new important economic data.
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).
Friday, December 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
Monday, December 16
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI, ECB President Lagarde Speech
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 3:35 a.m. Eurozone - ECB President Lagarde Speech
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 3:20 p.m. Canada - BOC Governor Macklem Speech
Paul Rejczak
Stock Trading Strategist