Silver is extending its consolidation despite more advances in gold price.
The silver futures contract gained 0.95% on Tuesday, January 21, as it rebounded from the $31 level following advance in gold prices. The market extended a short-term consolidation after rallying by almost 4% last Wednesday. On Thursday, silver was the highest since December 12, and on Monday and Tuesday, it retested the $31 level.
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 moving along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading below the $31.50 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.1% lower and palladium is 0.2% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the CB Leading Index release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, January 22
- 10:00 a.m. U.S. - CB Leading Index m/m
- 10:15 a.m. Eurozone - ECB President Lagarde Speech
- All Day - WEF Annual Meetings
Thursday, January 23
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement,
- BOJ Outlook Report
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist