Silver dipped to $29, retracing its recent rebound.
The silver futures contract lost 2.23% on Tuesday, June 25, as it broke its local lows following last Friday’s sell-off of 3.9%, gold’s reversal. On Friday, the market retraced the Thursday’s rally amid gold weakness, USD strength and the stock market’s uncertainty. On Thursday, the market broke above its recent trading range, however, on Friday, silver went back within a consolidation. Recently, it was gradually declining from the May 20 new medium-term high of $32.75.
Today, silver is rebounding slightly from the $29 level, 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 $29.20 level. What about the other precious metals? Gold is 0.5% lower, platinum is 0.9% higher and palladium is 0.3% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s CB Consumer Confidence release has been slightly higher than expected at 100.4. Today, we will get the New Home Sales number 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).
Wednesday, June 26
- 10:00 a.m. U.S. - New Home Sales
Thursday, June 27
- 5:30 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 4:30 p.m. U.S. - Bank Stress Test Results
- 7:30 p.m. Japan - Tokyo Core CPI y/y
Paul Rejczak
Stock Trading Strategist