Silver price remains below $30 as markets brace for more data.
The silver futures contract gained 0.03% on Tuesday, July 23, as it went sideways again, 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 slightly higher after rebounding from the $29 level yesterday, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% higher, as it is trading closer to the $29.50 level. What about the other precious metals? Gold is 0.3% higher, platinum is 1.1% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Flash Manufacturing PMI and Flash Services PMI numbers at 9:45 a.m., among others. The markets will be also waiting for the Advance GDP release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, July 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 11:00 a.m. Eurozone - ECB President Lagarde Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist