Silver broke the $30 level after the FOMC release yesterday.
The silver futures contract lost 0.59% on Wednesday, December 18, as it fluctuated following the Fed interest rate decision. Silver was the lowest since mid-September yesterday. 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.
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 local lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.6% lower, as it is trading slightly below the $30 level. What about the other precious metals? Gold is 0.9% lower, platinum is 1.0% higher and palladium is 1.1% higher. So, the main precious metals’ prices are lower this morning.
Today, we will get the Final GDP and Unemployment Claims releases at 8:30 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).
- 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
Friday, December 20
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist