Silver extends a consolidation along $23; more economic data in focus.
The silver futures contract gained 0.17% on Thursday, January 25, as it slightly extended its Tuesday’s-Wednesday’s rebound. On Wednesday, the market approached $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 along $23 again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is up 0.5%, as it is trading close to its recent highs. What about the other precious metals? Gold is 0.3% higher, platinum is 1.0% higher and palladium is unchanged. So the main precious metals’ prices are higher this morning.
Yesterday’s Advance GDP release has been higher than expected at +3.3% q/q. Today we will get the important Core PCE Price Index release at 8:30 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 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
Monday, January 29
- 7:30 p.m. Australia - Retail Sales m/m
Paul Rejczak
Stock Trading Strategist