Silver trades higher before the important consumer inflation data.
The silver futures contract lost 0.11% on Wednesday, January 10, as it continued to fluctuate above the $23 price level. Last Friday, silver retraced some of its earlier decline after a better-than-expected monthly jobs data release, but the market remained close to $23 level. Last Wednesday, it sold off by 3.3% after a breakdown in gold price on strengthening U.S. dollar and declining stock markets. Before the Fed’s announcement on December 13, it was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is trading higher, but still within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is trading along $23.20. What about the other precious metals? Gold is 0.5% higher, platinum is 0.3% higher and palladium is 0.6% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Final Wholesale Inventories release has been as expected at -0.2% m/m. Today we will get the important Consumer Price Index release, along with the Core CPI number and Unemployment Claims at 8:30 a.m. There will likely be an increased volatility following that data release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, January 11
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 8:30 p.m. China - CPI y/y, PPI y/y
Friday, January 5
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
Paul Rejczak
Stock Trading Strategist