Silver keeps selling off, breaking back below $30.
The silver futures contract lost 0.50% on Thursday, July 18, as it extended its Wednesday’s sell-off of 3.4%, reaching $30. On Wednesday, 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 extending its decline, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.8% lower, as it is trading along the $29.40 level. What about the other precious metals? Gold is 1.8% lower, platinum is 1.1% lower and palladium is 1.0% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 243,000. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 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
Monday, July 22
- No important economic data
Paul Rejczak
Stock Trading Strategist