Silver price approached $29 again, following a correction in gold.
The silver futures contract lost 3.06% on Friday, July 19, as it accelerated its recent declines following a sharp move lower in gold. It reached a local low of $29.06, the lowest since June 27. Recently, silver was rebounding from the $32 level despite a record-breaking rally in gold prices.
In May and June, silver was gradually declining from the May 20 new medium-term high of $32.75, and in late June, it was briefly below $29, before rebounding closer to $32 again.
Today, silver is trading sideways after a sell-off on Friday, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading along the $29.20 level. What about the other precious metals? Gold is 0.3% higher, platinum is 1.2% lower and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
Today, we won’t get any new important economic data. The markets will be waiting for the important Advance GDP release on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, July 22
- No important economic data
Tuesday, July 23
- 10:00 a.m. U.S. - Existing Home Sales, Richmond Manufacturing Index
Paul Rejczak
Stock Trading Strategist