Silver price broke below $23 level again, more economic data in focus.
The silver futures contract lost 1.84% on Wednesday, January 17, extending its Tuesday’s decline of 1.0% following more economic data, stronger U.S. dollar. The market broke below the $23 level. Last week on Wednesday, it was the lowest since mid-November. Before the Fed’s announcement on December 13, silver was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is trading slightly above its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher, as it is trading along $22.75. What about the other precious metals? Gold is 0.5% higher, platinum is 0.5% higher and palladium is 0.9% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s important Retail Sales release has been higher than expected at +0.6% m/m. Today we will get the Unemployment Claims release 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).
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
Friday, January 19
- 2:00 a.m. U.K. - Retail Sales m/m
- 5:00 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Existing Home Sales
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 4:15 p.m. U.S. - FOMC Member Daly Speech
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist