Silver trades sideways before the important FOMC monetary policy release.
The silver futures contract lost 0.11% on Tuesday, January 30, as it remained above the $23 level following Monday’s advance. On Monday, it extended a short-term uptrend and a rebound from last Monday’s local low, when it broke lower despite a further consolidation of the gold price. It was the lowest since mid-November, with the daily low at $22.04 that day. 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 close, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher, as it is trading above the $23.20 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.1% lower and palladium is 0.2% higher. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 114.8, and the JOLTS Job Openings has also been higher than expected at 9.03 million. Today, we will get the important Fed Rate Decision at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, February 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Official Bank Rate, Monetary Policy Summary, MPC Official Bank Rate Votes
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
- All Day - OPEC-JMMC Meetings
Paul Rejczak
Stock Trading Strategist