Silver extends its short-term consolidation, remaining above $30.
The silver futures contract gained 0.35% on Thursday, December 26, as it extended a short-term consolidation following last Friday’s rebound. Last Thursday, silver was the lowest since mid-September as markets reacted to the Wednesday’s Fed release. On December 9, 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 declining within a consolidation, 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 the $30.20 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.1% higher and palladium is 0.2% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 219,000. Today, we will get the Goods Trade Balance and Preliminary Wholesale Inventories releases at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, December 27
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
Monday, December 30
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 8:30 a.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Japan – Bank Holiday
Paul Rejczak
Stock Trading Strategist