Silver price keeps moving sideways; employment data in focus.
The silver futures contract lost 0.24% on Wednesday, January 22, as it continued to fluctuate along the $31-32 level. The market keeps extending a short-term consolidation after rallying by almost 4% last Wednesday. Last 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 retracing its recent advances, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% lower, as it is trading below the $31 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.7% lower and palladium is 0.4% higher. So, the main precious metals’ prices are lower this morning.
Today, we will get the Unemployment Claims release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, January 23
- 8:30 a.m. U.S. - Unemployment Claims
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement,
- BOJ Outlook Report
- All Day - WEF Annual Meetings
Friday, January 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 5:00 a.m. Eurozone - ECB President Lagarde Speech
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Press Conference
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist