Silver is trading along the $28 level; Consumer Confidence, JOLTS releases in focus.
The silver futures contract lost 0.55% on Monday, July 29, as it extended a short-term consolidation along the $28 level. It remained close to its new local low from Thursday. Last 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 further extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is trading near $28 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.2% higher and palladium is 0.2% lower. So, the main precious metals’ prices are higher this morning.
Today, the market will be waiting for the important: CB Consumer Confidence, JOLTS Job Openings at 8:30 a.m., German Preliminary CPI and the Bank of Japan monetary policy release later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, July 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist