Silver price is pulling back from the $32 level, correcting its rally.
The silver futures contract gained 0.62% on Thursday, January 16, as it extended its Wednesday’s 3.9% rally. On Wednesday, silver rallied in a reaction to the Consumer Price Index release. It neared its last Friday’s local high, and yesterday, crossed that level, reaching the highest since December 12. 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 pulling back, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% lower, as it is trading along the $31.40 level. What about the other precious metals? Gold is 0.4% lower, platinum is 1.2% higher and palladium is 0.7% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Retail Sales release has been lower than expected at +0.4% month-over-month. Today, we will get the Building Permits and Housing Starts numbers at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, January 17
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 4:00 p.m. U.S. - TIC Long-Term Purchases
Monday, January 20
- All Day - WEF Annual Meetings
- All Day, Eurozone - Eurogroup Meetings
- All Day, U.S. - Bank Holiday
Paul Rejczak
Stock Trading Strategist