Silver continues to trade below $23, remaining weaker than gold.
The silver futures contract lost 0.39% on Thursday, February 22, as it slightly extended its recent declines. The market retraced more of the last week’s run-up despite weaker U.S. dollar and stable gold prices. On Tuesday, silver fluctuated following its Monday’s decline of 1.9%. Last Friday, silver had rallied by 2.28% following a 2.52% increase on Thursday, reaching a peak of $23.56. Earlier last week, silver sold off after the higher-than-expected consumer inflation numbers. Last Wednesday, It dipped slightly below the January 22 local low of around $22.
Today silver is rebounding from a new local low, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading above the $23 level. What about the other precious metals? Gold is 0.1% higher, platinum is 0.9% lower and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Flash Manufacturing PMI release has been better than expected at 51.5, and the Flash Services PMI has been lower than expected at 51.3. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, February 23
- 4:00 a.m. Eurozone - German ifo Business Climate
- Tentative, U.S. - Fed Monetary Policy Report
- All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings
Monday, February 26
- 10:00 a.m. U.S. - New Home Sales
Paul Rejczak
Stock Trading Strategist