Silver remains above $23 level as markets brace for key economic data.
The silver futures contract gained 1.66% on Monday, January 29, as it extended a short-term uptrend and a rebound from its last Monday’s local low. Last Monday, it broke lower 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 its yesterday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading along the $23.20 level. What about the other precious metals? Gold is 0.4% higher, platinum is 1.0% lower and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.
Today, the markets will be waiting for the important CB Consumer Confidence and JOLTS Job Openings releases at 10:00 a.m., among others. Tomorrow, we will get the important Fed Rate Decision.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, January 31
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 8:45 p.m. China - Caixin Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist