Silver price is lower again; economic data and tomorrow’s Fed in focus.
The silver futures contract gained 0.09% on Monday, December 16, as it fluctuated following its recent declines. Last week, it sold off after a pullback in gold prices. Last Monday, silver broke above its previous trading range and moved near the $33 level, the highest since early November.
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 trading along its short-term low, 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 below the $31 level. What about the other precious metals? Gold is 0.4% lower, platinum is 1.1% lower and palladium is 1.7% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today, we will get the Retail Sales number at 8:30 a.m., among others. The markets will be waiting for key FOMC release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 17
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 4:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
Wednesday, December 18
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts, Current Account
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:15 p.m. U.S. - FOMC Press Conference
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Paul Rejczak
Stock Trading Strategist