Silver moves closer to the $32 level again as markets await key economic data.
The silver futures contract gained 1.65% on Wednesday, January 29, as it advanced and extended its consolidation. Recently, it kept moving sideways despite a rally in gold prices. On Monday, 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 breaking its previous high, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.8% higher, as it is trading near the $32 level. What about the other precious metals? Gold is 0.9% higher, platinum is 1.7% higher and palladium is 2.3% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s FOMC release brought increased volatility for the markets. Today, we will get the important Advance GDP and Unemployment Claims numbers 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).
Thursday, January 30
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 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
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, China - Bank Holiday
Friday, January 31
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m, FOMC Member Bowman Speech
- 9:45 a.m. U.S. - Chicago PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist