Silver goes sideways following its post-Fed rally; more economic data in focus.
The silver futures contract gained 6.39% on Thursday, December 14 as it rallied following the FOMC Statement release on Wednesday. The market retraced its earlier declines and a breakdown below $24 level. On Wednesday silver went to new local low of $22.78 before reversing higher and rallying after the Fed’s news. Recently silver was extending 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 was below $23 level. In previous weeks it retraced 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 slightly extending its rebound as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% higher as it is trading along $24.50. What about the other precious metals? Gold is 0.6% higher, platinum is 0.5% higher and palladium is 2.4% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 202,000, and the Retail Sales release has been higher than expected at +0.3% m/m. Today we will get the important Flash Manufacturing PMI and Flash Services PMI number at 9:45 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, December 15
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 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
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 12:25 p.m. Canada - BOC Governor Macklem Speech
Monday, December 18
- 4:00 a.m. Eurozone - German ifo Business Climate
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Paul Rejczak
Stock Trading Strategist