Silver price sold off despite gold moving sideways.
The silver futures contract lost 2.38% on Tuesday, February 25, as it accelerated its short-term downtrend following a sell-off in stocks. It was the lowest since late January. Recently, silver has been pulling 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading above $32. What about the other precious metals? Gold is 0.3% higher, platinum is 1.3% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s CB Consumer Confidence release has been lower than expected at 98.3. Today, we will get the New Home Sales number 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).
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
Thursday, February 27
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Durable Goods Orders m/m,
- Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q
- 9:15 a.m. U.S. - FOMC Member Schmid Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m, FOMC Member Barr Speech
- 11:45 a.m. U.S. - FOMC Member Bowman Speech
- 1:15 p.m. U.S. - FOMC Member Hammack Speech
- 3:15 p.m. U.S. - FOMC Member Harker Speech
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist