Daily Silver News: July 18 - Silver Price: Closer to $30 Again

Paul-Rejczak Paul Rejczak Jul 18, 2024

Silver is still weaker than gold, trading below $31.

The silver futures contract lost 3.44% on Wednesday, July 17, as it sold off to new local lows, breaking below the recent trading range despite record-breaking rally in gold prices. Yesterday, silver was the lowest since early July. Last Thursday, the market broke slightly above the previous trading range following the CPI release; however, it 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: July 18 - Silver Price: Closer to $30 Again - Image 1

The silver price is 0.8% higher, as it is trading along the $30.60 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.1% lower and palladium is 0.9% lower. So, the main precious metals’ prices are higher this morning.

Yesterday’s Building Permits and Housing Starts releases have been higher than expected. Today, we will get the Unemployment Claims release at 8:30 a.m. There will also be monetary policy update from the ECB at 8:15 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

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

Friday, July 19

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 10:40 a.m. U.S. - FOMC Member Williams Speech
  • 1:00 p.m. U.S. - FOMC Member Bostic Speech

Paul Rejczak
Stock Trading Strategist