Silver is retracing yesterday’s advance; PPI data in focus.
The silver futures contract gained 2.12% on Thursday, July 11, as it broke slightly above the recent trading range following the CPI release. The market reached a local high of $32.02, but closed more than 1% below that level. Since last 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 retracing its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.2% lower, as it is trading along the $31 level. What about the other precious metals? Gold is 0.7% lower, platinum is 1.5% lower and palladium is 2.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Consumer Price Index release has been lower than expected at -0.1% month-over-month. Today, we will get the Producer Price Index number at 8:30 a.m., and the Consumer Sentiment release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 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
Monday, July 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 12:00 p.m. U.S. - Fed Chair Powell Speech
- 4:35 p.m. U.S. - FOMC Member Daly Speech
Paul Rejczak
Stock Trading Strategist