Silver continued moving sideways despite new records in gold price; markets await PMI data.
The silver futures contract gained 1.34% on Thursday, February 20, as it extended a short-term consolidation following last Friday’s pullback from a local high of $34.24. On Friday, silver was the highest since late October. On January 27, it rebounded from a local low of $30.03.
In late October, silver reversed the uptrend, selling off from the new long-term high of $35.07 on October 22-23. The market was the highest since 2012.
Today, silver is moving sideways ahead of the key PMI data, as we can see on the daily chart (the chart includes today’s intraday data):
Silver is 0.4% lower, trading at $33.40. What about the other precious metals? Gold is 0.3% lower, platinum is unchanged, and palladium is 0.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release was higher than expected at 219,000. Today, we will get the important Flash Manufacturing PMI and Flash Services PMI numbers at 9:45 a.m., among other things.
Below is our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, February 21
- 2:00 a.m. U.K. - Retail Sales m/m
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 11:30 a.m. U.S. - FOMC Member Jefferson Speech
- 12:30 p.m. Canada - BOC Governor Macklem Speech
Monday, February 24
- 4:00 a.m. Eurozone - German ifo Business Climate
Paul Rejczak
Stock Trading Strategist