Daily Silver News: January 28 – Silver Rebounding from $30

Silver sold off as gold price pulled back from new local highs; more data and Fed in focus.

The silver futures contract lost 2.47% on Monday, January 27, as it broke below its recent lows following weakness in gold price. Silver was the lowest since early January, reaching a local low of $30.03. 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 the $30 level, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: January 28 – Silver Rebounding from $30 - Image 1

The silver price is 0.5% higher, as it is trading along the $30.50 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.,1% lower and palladium is 0.1% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s New Home Sales release has been higher than expected at 698,000. Today, we will get the CB Consumer Confidence release at 10:00 a.m. The markets will be awaiting the key FOMC release tomorrow.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

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

Wednesday, January 29

  • 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 9:15 a.m. U.K. - BOE Governor Bailey Speech
  • 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
  • 10:30 a.m. Canada - BOC Press Conference
  • 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
  • 2:30 p.m. U.S. - FOMC Press Conference
  • All Day, China - Bank Holiday

Paul Rejczak
Stock Trading Strategist

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