Silver price is higher as markets await key economic data this week.
The silver futures contract lost 0.24% on Friday, January 26, as it fluctuated following its rebound from last Monday’s local low. 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 above the $23 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is up 1.2%, as it is trading along the recent local highs. However, it is the new futures contract series, and the previous one is gaining 0.9% today. What about the other precious metals? Gold is 1.5% higher (new series), platinum is 0.3% lower and palladium is 1.0% lower (old series). So the main precious metals’ prices are higher this morning.
Friday’s important Core PCE Price Index release has been as expected at +0.2% m/m. Today we won’t get any new important economic data. The markets will await tomorrow’s CB Consumer Confidence release and the important Fed Rate Decision 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 29
- 7:30 p.m. Australia - Retail Sales m/m
Tuesday, January 30
- 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, JOLTS Job Openings
- 7:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Paul Rejczak
Stock Trading Strategist