Silver price remains near $31 as markets await further data and Powell.
The silver futures contract lost 1.61% on Friday, July 12, as it retraced most of its Thursday’s advance of 2.1%. On Thursday, it broke slightly above the recent trading range following the CPI release. However, the market rebounded from a local high of $32.02. Since the previous Friday, it has been fluctuating due to a retreat in gold prices, stronger U.S. dollar. It rebounded from the $32 level. On previous 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading near the $31 level. What about the other precious metals? Gold is unchanged, platinum is 0.3% lower and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Producer Price Index release has been higher than expected at +0.2%. Today, we will get the Empire State Manufacturing Index at 8:30 a.m. There will also be a speech from the Fed Chair Powell at 12:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, July 16
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
- Core CPI m/m
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 2:45 p.m. U.S. - FOMC Member Kugler Speech
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist