Silver price remains within a consolidation; Fed decision in focus.
The silver futures contract lost 0.44% on Tuesday, December 17, as it continued to fluctuate 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 within a consolidation, awaiting the Fed release, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading slightly below the $31 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s Retail Sales has been higher than expected at +0.7% month-over-month. Today, we will get the FOMC Rate Decision at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, December 19
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Philly Fed Manufacturing Index
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 8:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist