Silver price extends its short-term uptrend, remaining stronger than gold.
The silver futures contract lost 0.38% on Thursday, March 14, following its Wednesday’s rally of over 3%. On Wednesday, the market caught up with the recent gold’s strength as the yellow metal extended a short-term consolidation.
Last week, silver was relatively weaker than gold, still trading below local highs from mid-December and way below the December 4 local high of over $26.
In the previous week, silver was trading within a short-term consolidation below the $23 level, and a week ago on Friday, it broke above that level. On February 14, it dipped slightly below the January 22 local low of around $22, and it was the lowest since mid-November.
Today silver is trading higher, reaching a new local high, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.2% higher, as it is trading above the $25.30 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.4% higher and palladium is 2.9% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Producer Price Index release has been higher than expected at +0.6% m/m, and the Retail Sales number has been lower than expected at +0.6% m/m. Today, we will get the Empire State Manufacturing Index, Michigan Consumer Sentiment releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, March 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Monday, March 18
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Paul Rejczak
Stock Trading Strategist