Silver extends its consolidation above $31; CPI data in focus.
The silver futures contract lost 0.14% on Wednesday, July 10, as it remained within 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 further extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading above the $31.20 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.6% lower and palladium is 0.8% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Consumer Price Index release at 8:30 a.m. There will likely be an increased volatility following this announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, July 12
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist