Silver price is rebounding above the $28 level; economic data in focus this week.
The silver futures contract gained 0.16% on Friday, July 26, as it remained close to its new local low from Thursday. On Thursday, silver lost 4.6%, accelerating its sell-off following a rout in gold prices. Recently, silver has been fluctuating along the $29 level, and on Thursday, its daily low was at $27.56. In early July, 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 rebounding from its last week’s low, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is still trading along the $28.20 level. What about the other precious metals? Gold is 2.4% higher, platinum is 0.5% higher and palladium is 0.4% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Core PCE Price Index release has been as expected at +0.2% m/m. The market will be waiting for the important data tomorrow: the CB Consumer Confidence, JOLTS Job Openings, German Preliminary CPI and the Bank of Japan monetary policy release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, July 29
- No important economic data
Tuesday, July 30
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, JOLTS Job Openings
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist