Silver price is going sideways ahead of today’s FOMC release.
The silver futures contract lost 0.18% on Tuesday, December 12 as it went sideways following the recent declines. On Monday silver extended its Friday’s sell-off of 3.3% as it continued the downtrend that started last Monday after an overnight short squeeze price action in gold price. Silver retraced all of its recent advances and yesterday it remained close to $23 level. In previous weeks it retraced all of November’s declines following lower-than-expected Consumer Price Index release. On November 13 silver bounced from new local low of $21.92.
Today silver is trading along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower as it is trading close to $23. What about the other precious metals? Gold is 0.2% higher, platinum is 1.3% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index has been slightly higher than expected at +0.1% m/m. Today we will get the PPI number at 8:30 a.m. and the important FOMC Rate Decision at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, December 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, December 14
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Unemployment Claims, Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Business Inventories m/m
- 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist