Silver continues to fluctuate; markets await Thursday’s inflation data.
The silver futures contract lost 0.02% on Monday, January 8, as it extended a short-term consolidation following last Wednesday’s sell-off of 3.3%. On Friday, silver retraced some of the declines following a better-than-expected monthly jobs data release, but the market remained close to the $23 level. Last Wednesday, it sold off after a breakdown in gold price on strengthening U.S. dollar and declining stock markets. Recently, it was trading sideways following the December 13 FOMC Statement release and a rally of over 6%, and on Friday it retraced more of that advance after breaking below $24 level.
Before the Fed’s announcement, it was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is trading sideways again, 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 along the $23.30 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.3% lower and palladium is 0.9% lower. So the main precious metals’ prices are slightly lower this morning.
Today, we will get the Trade Balance release at 8:30 a.m., among others. The markets will be waiting for the important Consumer Price Index release on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - Trade Balance
- 12:00 p.m. U.S. - FOMC Member Barr Speech
- 7:30 p.m. Australia - CPI y/y
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, January 10
- 9:15 a.m. U.K. - BOE Governor Bailey Speech
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:01 p.m. U.S. - 10-y Bond Auction
- 3:15 p.m. U.S. - FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist