Silver price is close to the $23 level, key economic data in focus.
The silver futures contract gained 1.90% on Wednesday, January 24, as it extended Tuesday’s rebound of 0.7%. The market approached the $23 level again, retracing its recent declines. 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, with the daily low at $22.04. 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 trading close to $23, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is retracing yesterday’s intraday pull-back. What about the other precious metals? Gold is 0.1% higher, platinum is 0.2% lower and palladium is 0.2% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Flash Manufacturing PMI and Flash Services PMI releases have been better than expected. Today, we will get the important Advance GDP number at 8:30 a.m., among others. There will also be the ECB monetary policy release at 8:15 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 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
Friday, January 26
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
Paul Rejczak
Stock Trading Strategist