Silver remains relatively weaker than gold; markets await economic data.
The silver futures contract lost 1.24%on Monday, February 24, as it extended its Friday’s decline of 1.4%. Silver pulled back despite gold moving sideways in a consolidation. 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 October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is slightly extending its recent drop, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, as it is trading along the $32.50 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.5% lower and palladium is 0.7% lower. So, the main precious metals’ prices are lower this morning.
Today, the markets are awaiting the CB Consumer Confidence number scheduled to be released at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, February 26
- 8:30 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - New Home Sales
- 12:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist