Silver price remains close to $24 following Friday’s weakness.
The silver futures contract lost 1.17% on Friday, December 29, as it broke below the recent trading range following another drop in gold price. Recently, it was trading sideways after the December 13 FOMC Statement release and a rally of over 6%, and on Friday it retraced more of that advance after breaking below $24 level.
Before the Fed’s announcement, it was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is slightly higher, 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 above $24 again. What about the other precious metals? Gold is 0.2% higher, platinum is unchanged and palladium is 0.7% higher. So the main precious metals’ prices are higher this morning.
Friday’s Chicago PMI release has been lower than expected at 46.9. Today we will get the Final Manufacturing PMI and Construction Spending releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 2
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - Construction Spending m/m
- All Day, Japan - Bank Holiday
Wednesday, January 3
- 8:30 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 8:45 p.m. China - Caixin Services PMI
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist