Silver advances on higher gold, positive stock market; more data in focus.
The silver futures contract was virtually flat on Thursday, June 27, as it continued to fluctuate following its recent declines. On Tuesday, the market broke the recent lows following last Friday’s sell-off of 3.9%, gold’s reversal. Last Friday, the market retraced its Thursday’s rally amid gold weakness, USD strength and the stock market’s uncertainty, getting back within a consolidation. Recently, it was gradually declining from the May 20 new medium-term high of $32.75.
Today, silver is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.5% higher, as it is trading closer to the $29.70 level. What about the other precious metals? Gold is 0.4% higher, platinum is 2.4% higher and palladium is 3.9% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s GDP release has been as expected at +1.4% q/q, and the Unemployment Claims release has been slightly lower than expected at 233,000. Today, we will get the important Core PCE Price Index 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).
Friday, June 28
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 6:00 a.m. U.S. - FOMC Member Barkin Speech
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 11:00 a.m. U.S. - Fed Monetary Policy Report
- 12:00 p.m. U.S. - FOMC Member Bowman Speech
Monday, July 1
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 3:00 p.m. Eurozone - ECB President Lagarde Speech
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist