Silver price extends its consolidation, remaining near the $33 level.
As it pulled back, the silver futures contract lost 1.42% on Friday, February 21, remaining within a short-term consolidation. Silver was relatively weaker than gold again, trading near the $33 level. The previous 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 trading along its short-term local lows, as we can see on the daily chart (the chart includes today’s intraday data):
Silver is 0.6% lower, trading at $32.80. What about the other precious metals? Gold is 0.3% higher, platinum is 1.2% lower, and palladium is 1.7% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed, with the Services number dipping below 50. The markets will be waiting for the CB Consumer Confidence release tomorrow.
Below is our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, February 24
- 4:00 a.m. Eurozone - German ifo Business Climate
Tuesday, February 25
- 4:15 a.m. U.S. - FOMC Member Logan Speech
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 11:45 a.m. U.S. - FOMC Member Barr Speech
- 1:00 p.m. U.S. - FOMC Member Barkin Speech
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist