Silver price remains above $24 following last week’s rebound.
The silver futures contract gained 0.89% on Tuesday, December 19 as it continued going sideways and along the $24 level following last Wednesday’s FOMC Statement release and its Thursday’s rally of 6.4%.
The market retraced its earlier declines and 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 it was extending the downtrend that started on previous Monday after an overnight short squeeze price action in gold price.
Today silver is trading within its short-term price range 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 along $24.30 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.6% lower and palladium is 2.2% lower. So the main precious metals’ prices are slightly lower this morning.
Yesterday’s Building Permits and Housing Starts releases have been mixed. Today we will get the important CB Consumer Confidence 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).
Wednesday, December 20
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Current Account
- 10:00 a.m. U.S. - CB Consumer Confidence, Existing Home Sales
Thursday, December 21
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Philly Fed Manufacturing Index
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - CB Leading Index m/m
Paul Rejczak
Stock Trading Strategist