Silver price is rebounding ahead of the CPI data and the FOMC Rate Decision.
The silver futures contract lost 2.15% on Tuesday, June 11, as it retraced its Monday’s rebound of 1.5%. On Friday, silver sold off by over 6% following jobs data, stronger U.S. dollar. Last Thursday, silver gained over 4%,and on Friday, it retraced the whole advance, breaking below the $30 level.
On Monday, May 20, silver reached a new long-term high of $32.75. In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is rebounding after its yesterday’s retreat, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% higher, as it is trading along the $29.50 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.6% lower and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Consumer Price Index release at 8:30 a.m. Investors will be also waiting for the FOMC announcement at 2:00 p.m. and the Fed Chair Powell Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, June 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement, Federal Budget Balance
- 2:30 p.m. U.S. - FOMC Press Conference
- 3:15 p.m. Canada - BOC Governor Macklem Speech
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day, Eurozone - Eurogroup Meetings
Thursday, June 13
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 12:00 p.m. U.S. - Treasury Secretary Yellen Speech, FOMC Member Williams Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Paul Rejczak
Stock Trading Strategist