Silver remains weaker than gold, as it breaks below recent lows.
The silver futures contract lost 1.09% on Thursday, December 28, as it retraced its Wednesday’s advance of 1.0%. It went closer to the $24 level following a decline in gold price. Recently, it was trading sideways after the previous Wednesday’s FOMC Statement release and the consequent Thursday’s rally of 6.4%.
The market retraced its earlier declines and a breakdown below $24 level. On Wednesday silver went to the 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 Monday, December 4 after an overnight short squeeze price action in gold price.
Today silver is breaking below its recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.6% lower as it is trading slightly below $24. What about the other precious metals? Gold is also 0.4% lower, platinum is unchanged and palladium is 0.3% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly higher than expected at 218,000. Today we will get the Chicago PMI release at 9:45 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 29
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 9:45 a.m. U.S. - Chicago PMI
Tuesday, January 2
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - Construction Spending m/m
- All Day, Japan - Bank Holiday
Paul Rejczak
Stock Trading Strategist