Silver price continues to trade below $30 following important data this week.
The silver futures contract lost 3.97% on Thursday, June 13, as it retraced its Wednesday’s advance of 3.5% after the FOMC and PPI releases. Last Friday, the market sold off 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 again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% higher, as it is trading along the $29.30 level. What about the other precious metals? Gold is 1.1% higher, platinum is 0.4% lower and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been lower than expected at -0.2% m/m, and the Unemployment Claims release has been higher than expected at 242,000. Today, we will get the UoM Consumer Sentiment release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, June 14
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 1:30 p.m. Eurozone - ECB President Lagarde Speech
- Tentative, Japan - BOJ Press Conference
Monday, June 17
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- All Day - G7 Meetings
Paul Rejczak
Stock Trading Strategist