Silver is trading at the lowest point in two months.
The silver futures contract lost 0.42% on Friday, January 19, as it remained close to the short-term local lows despite a rebound in gold price. Last week, silver was the lowest since mid-November, following economic data, stronger U.S. dollar. 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 breaking below the recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.7% lower, as it is trading along $22.30, the lowest since mid-november. What about the other precious metals? Gold is 0.1% lower, platinum is 0.6% lower and palladium is 2.2% lower. So the main precious metals’ prices are mixed this morning.
Friday’s UoM Consumer Sentiment release has been much higher than expected at 78.8. Today we won’t get any new important economic data. Later in the day, there will be a monetary policy announcement from the Bank of Japan.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, January 22
- 10:00 a.m. U.S. - CB Leading Index m/m
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate, BOJ Outlook Report
Tuesday, January 23
- 10:00 a.m. U.S. - Richmond Manufacturing Index
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist