Silver price remains close to $23 ahead of more economic data.
The silver futures contract lost 1.01% on Tuesday, January 16, as it retraced most of its Friday’s advance following declining gold, stronger U.S. dollar. The market went back closer to the $23 level again. Last week on Wednesday, the market went below $23 mark, and it was the lowest since mid-November. 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 along the $23 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower, as it is extending a short-term consolidation. What about the other precious metals? Gold is 0.1% higher, platinum is 0.7% lower and palladium is 1.4% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s Empire State Manufacturing Index release has been much lower than expected at -43.7. Today we will get the Retail Sales, Industrial Production, and the Beige Book releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, January 17
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
- 9:00 a.m. U.S. - FOMC Member Barr Speech, FOMC Member Bowman Speech
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 1:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 10:15 a.m. Eurozone - ECB President Lagarde Speech
- 2:00 p.m. U.S. - Beige Book
- 3:00 p.m. U.S. - FOMC Member Williams Speech
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day - WEF Annual Meetings
Thursday, January 18
- 7:30 a.m. U.S. - FOMC Member Bostic Speech
- 8:30 a.m. U.S. - Unemployment Claims, Building Permits, Housing Starts, Philly Fed Manufacturing Index
- 10:15 a.m. Eurozone - ECB President Lagarde Speech
- 11:30 a.m. U.S. - FOMC Member Bostic Speech
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist