Silver price rallies after breaking $33 level; further economic data in focus.
The silver futures contract lost 0.18% on Thursday, February 13, as it moved sideways after rebounding on Wednesday. It kept trading below the $33 level despite rallying gold prices. On the prior Monday, it was the lowest since early January, reaching a local low of $30.03, and on Tuesday, it reached the $33 level.
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 breaking higher, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 3.6% higher, as it is trading near the $34 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.2% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been slightly higher than expected at +0.4% month-over-month. Today, we will get the Retail Sales number 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, February 14
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m
- 3:00 p.m. U.S. - FOMC Member Logan Speech
Monday, February 17
- 9:30 a.m. U.S. - FOMC Member Harker Speech
- 10:20 a.m. U.S. - FOMC Member Bowman Speech
- 10:30 p.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- 11:30 p.m. Australia - RBA Press Conference
- All Day, Eurozone - Eurogroup Meetings
- All Day, U.S. – Bank Holiday
- All Day, Canada – Bank Holiday
Paul Rejczak
Stock Trading Strategist