Silver price extends its short-term consolidation, remaining above $29.
The silver futures contract gained 1.40% on Friday, June 14, as it extended fluctuations following last week’s inflation data and the Fed monetary policy update. On Friday, the market rebounded after its Thursday’s sell-off of almost 4%, remaining above the $29 level. On previous Friday, the market sold off following jobs data, stronger U.S. dollar. Silver is gradually declining from its May 20 new medium-term high of $32.75.
Today, silver is trading below its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower, as it is trading along the $29.30 level again. What about the other precious metals? Gold is 0.6% lower, platinum is 0.9% lower and palladium is 0.2% higher. So, the main precious metals’ prices are lower this morning.
Friday’s UoM Consumer Sentiment release has been lower than expected at 65.6. Today, we will get the Empire State Manufacturing Index at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, June 17
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 9:00 p.m. U.S. - FOMC Member Cook Speech
- All Day - G7 Meetings
Tuesday, June 18
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 1:30 a.m. Australia - RBA Press Conference
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, FOMC Member Barkin Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- All Day - G7 Meetings
Paul Rejczak
Stock Trading Strategist