Silver price accelerates its downtrend, breaking the previous lows.
The silver futures contract lost 0.05% on Wednesday, July 24, as it extended a short-term consolidation following Friday’s sell-off of over 3%. On Friday, silver accelerated its recent declines after a sharp move lower in gold. Recently, it 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 accelerating the downtrend after breaking $29 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 5.0% lower, as it is trading below the $28 level. What about the other precious metals? Gold is 1.7% lower, platinum is 1.3% lower and palladium is 1.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today, we will get the important Advance GDP release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist