Silver price rebounded to $29.50; U.S. holiday lowers volatility.
The silver futures contract gained 0.59% on Tuesday, June 18, as it continued a consolidation 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 was gradually declining from its May 20 new medium-term high of $32.75.
Today, silver is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading along the $29.50 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.5% higher and palladium is 1.3% higher. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s Retail Sales release has been lower than expected at +0.1% m/m. Today, we will get the NAHB Housing Market Index release at 10:00 a.m. However, there is a holiday in the U.S., likely leading to lower volatility in the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, June 20
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Building Permits, Philly Fed Manufacturing Index, Current Account, Housing Starts
- 3:30 p.m. U.S. - FOMC Member Barkin Speech
Paul Rejczak
Stock Trading Strategist