Silver price came back near the $30 level; inflation data in focus.
The silver futures contract lost 3.21% on Monday, January 13, as it retraced its recent advances following a pullback in gold prices. On Friday, silver extended its uptrend after breaking above the $31 level, and yesterday, it traded closer to the $30 level. On the previous Monday, it broke below the $30 level, trading as low as $29.20. On December 19, silver was the lowest since mid-September as markets reacted to the Wednesday’s Fed release.
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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% higher, as it is trading along the $30.40 level. What about the other precious metals? Gold is 0.1% higher, platinum is 0.8% lower and palladium is 0.4% higher. So, the main precious metals’ prices are slightly higher this morning.
Today, we will get the Producer Price Index release at 8:30 a.m. The markets will be also waiting for the important CPI number tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 14
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - FOMC Member Schmid Speech
- 3:05 p.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, January 15
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Empire State Manufacturing Index
- 9:20 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - FOMC Member Kashkari Speech
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 12:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 2:00 p.m. U.S. - Beige Book
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist