Silver is breaking the recent lows, as markets digest Fed news.
The silver futures contract lost 0.24% on Wednesday, January 31, as it continued to fluctuate within a consolidation after Monday’s advance. On Monday, it extended a short-term uptrend and a rebound from last Monday’s local low, when it broke lower despite a further consolidation of the gold price. It was the lowest since mid-November, with the daily low at $22.04 that day. Silver was declining following economic data, stronger U.S. dollar. Before the Fed’s announcement on December 13, silver was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is breaking below the recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.8% lower, as it is trading below the $23.00 level again. What about the other precious metals? Gold is 0.9% lower, platinum is 1.1% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Fed Rate Decision led to an increased volatility and stronger U.S. dollar. Today we will get the Unemployment Claims and ISM Manufacturing PMI releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, February 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Official Bank Rate, Monetary Policy Summary, MPC Official Bank Rate Votes
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
- All Day - OPEC-JMMC Meetings
Friday, February 2
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Factory Orders m/m, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist