Silver price remains within a consolidation, trading near $31.
The silver futures contract lost 0.73% on Monday, July 15, as it continued to fluctuate within a consolidation despite advancing gold prices. Last Thursday, silver broke slightly above the recent trading range following the CPI release; however, the market rebounded from a local high of $32.02 and traded near $31 again.
In May and June, 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 0.6% higher, as it is trading above the $31 level. What about the other precious metals? Gold is 0.7% higher, platinum is 0.5% lower and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Empire State Manufacturing Index release has been slightly lower than expected at -6.6. Today, we will get the Retail Sales number at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, July 17
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:35 a.m. U.S. - FOMC Member Waller Speech
- 2:00 p.m. U.S. - Beige Book
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist