Silver price keeps moving sideways as markets await the Fed release on Wednesday.
The silver futures contract gained 1.11% on Friday, January 24, as it advanced, extending a short-term consolidation despite further advances in gold price. On the previous Thursday, silver was the highest since December 12, and last week, it pulled back below 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 rebounding from its overnight decline, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% lower, as it is trading below the $31 level. What about the other precious metals? Gold is 0.7% higher, platinum is unchanged and palladium is 2.2% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the New Home Sales release at 10:00 a.m. The markets will be awaiting the key FOMC release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, January 28
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 7:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist