Silver price keeps going sideways as markets brace for more data.
The silver futures contract lost 0.27% on Monday, June 17, as it kept going sideways and below the $30 level following its June 7 sell-off. 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 lower, and extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% lower, as it is trading along the $29.20 level. What about the other precious metals? Gold is 0.3% lower, platinum is 1.3% lower and palladium is 2.5% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Empire State Manufacturing Index release has been higher than expected at -6. Today, we will get the important Retail Sales number at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, June 19
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- All Day - G7 Meetings
- All Day, U.S. - Bank Holiday
Paul Rejczak
Stock Trading Strategist