Silver extended its rebound, but today it is trading close to $24.50 again.
The silver futures contract gained 1.27% on Wednesday, December 20 as it broke slightly above the recent trading range despite further fluctuations of the gold price. It is still trading below $25 level following last Wednesday’s FOMC Statement release and 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 retracing some of its yesterday’s advance as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower as it is trading along $24.50 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.4% higher and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been much better than expected at 110.7. Today we will get the Final GDP number 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).
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
Friday, December 22
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, New Home Sales, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist