Silver fluctuates along the $31 level despite further advances in gold price.
The silver futures contract lost 1.84% on Thursday, January 23, as it continued to trade within a consolidation. 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 moving higher, extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.7% higher, as it is trading above the $31 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.4% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been slightly higher than expected at 223,000. Today, we will get the Flash Manufacturing PMI and Flash Services PMI numbers at 9:45 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, January 27
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. U.S. - New Home Sales
- Tentative, Eurozone - ECB President Lagarde Speech
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist