Silver price remains close to $29 as markets await more economic data.
The silver futures contract gained 0.08% on Monday, July 22, as it went sideways following its Friday’s sell-off of over 3%. On Friday, silver accelerated its recent declines after a sharp move lower in gold. 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 reaching a new local low below the $29 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, as it is trading above the $29.20 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.6% higher and palladium is 1.3% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Existing Home Sales and Richmond Manufacturing Index releases at 10:00 a.m. The markets will be also waiting for the 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).
Tuesday, July 23
- 10:00 a.m. U.S. - Existing Home Sales, Richmond Manufacturing Index
Wednesday, July 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - New Home Sales
- 10:30 a.m. Canada - BOC Press Conference
- 4:05 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Logan Speech
Paul Rejczak
Stock Trading Strategist