Silver price remains above $24 following last week’s post-Fed rally.
The silver futures contract lost 0.95% on Friday, December 15 as it retraced some of its Thursday’s rally of 6.4%. On Thursday it rallied after the Wednesday’s FOMC Statement release. 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 on previous Monday after an overnight short squeeze price action in gold price.
Today silver is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher as it is trading along $24.20. What about the other precious metals? Gold is 0.1% higher, platinum is 0.9% higher and palladium is 1.3% higher. So the main precious metals’ prices are slightly higher this morning.
Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. The first one was lower than expected and the second was higher than expected. Today we will get the NAHB Housing Market Index release at 10:00 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).
Monday, December 18
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Tuesday, December 19
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist