Daily Silver News: July 17 – Silver Extends Consolidation

Paul-Rejczak Paul Rejczak Jul 17, 2024

Silver price continues sideways as markets await more data, stocks are selling off.

The silver futures contract gained 1.69% on Tuesday, July 16, as it further extended a short-term consolidation below the $32 level. Last Thursday, the market broke slightly above the previous 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: July 17 – Silver Extends Consolidation - Image 1

The silver price is 0.9% lower, as it is trading above the $31 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.6% lower and palladium is 1.5% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s Retail Sales release has been higher than expected at 0.0% m/m. Today, we will get the Building Permits and Housing Starts releases 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).

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

Thursday, July 18

  • 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 10:00 a.m. U.S. - CB Leading Index m/m
  • 1:45 p.m. U.S. - FOMC Member Logan Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 6:05 p.m. U.S. - FOMC Member Daly Speech
  • 7:45 p.m. U.S. - FOMC Member Bowman Speech

Paul Rejczak
Stock Trading Strategist