Silver price remians below $30 as markets await inflation number.
The silver futures contract lost 4.32% on Thursday, December 19, as it sold off below the recent lows in a reaction to the Wednesday’s FOMC release. Silver was the lowest since mid-September yesterday. 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 lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading along the $29.30 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.7% higher and palladium is 0.9% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Final GDP has been higher than expected at +3.1% q/q. Today, we will get the Core PCE Price Index release 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).
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
Monday, December 23
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - CB Consumer Confidence
Paul Rejczak
Stock Trading Strategist