Silver is breaking above the $30 level; more economic data in focus.
The silver futures contract gained 0.90% on Wednesday, June 19, as it still traded within 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 breaking higher, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.6% higher, as it is trading along the $30.30 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.6% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s NAHB Housing Market Index release has been lower than expected at 43. The markets were relatively calm due to a holiday in the U.S. Today, investors are waiting for the Unemployment Claims release 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).
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
Friday, June 21
- 2:00 a.m. U.K. - Retail Sales m/m
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist