Silver price is gaining almost 2%, as U.S dollar weakens ahead of economic data.
The silver futures contract gained 0.74% on Tuesday, January 23, as it rebounded from its Monday’s local low of $22.04. On Monday, it broke below the recent local lows despite a further consolidation of the gold price, and it was the lowest since mid-November. Last week, silver was declining 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 extending its rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.9% higher, as it is getting closer to the $23 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.4% higher and palladium is 0.8% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Richmond Manufacturing Index release has been lower than expected at -15. Today we will get the important Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m. The PMI numbers from the Eurozone came in mixed.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, 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
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
Thursday, January 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - New Home Sales
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist