Silver price remains above $31; Powell and tomorrow’s CPI in focus.
The silver futures contract gained 0.46% on Tuesday, July 9, as it extended a short-term consolidation following last Friday’s rally of almost 3%. Since Friday, it has been fluctuating due to a retreat in gold prices, stronger U.S. dollar. It rebounded from the $32 level. Last Wednesday, silver broke above the previous trading range and the $30 level.
Recently, silver was gradually declining from the May 20 new medium-term high of $32.75, and on previous week, it approached its June 13 local low of $28.73, before rebounding back above $30.
Today, silver is gaining slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% higher, as it is trading along the $31.20 level. What about the other precious metals? Gold is also 0.5% higher, platinum is 0.6% higher and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Fed Chair Powell Testimony at 10:00 a.m. again, among others. Investors will be waiting for the important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, July 10
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, Final Wholesale Inventories m/m
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:30 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Goolsbee Speech
- 7:30 p.m. U.S. - FOMC Member Cook Speech
Thursday, July 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 11:30 a.m. U.S. - FOMC Member Bostic Speech
- 1:00 p.m. U.S. - FOMC Member Musalem Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist