Silver price neared its October high; more economic data in focus.
The silver futures contract gained 0.37% on Friday, March 14, as it extended its advance on record-breaking rally in gold prices. On Thursday, silver broke above a local high from February 14, nearing late October high. Last Tuesday, it rebounded after its previous week’s pullback, extending a consolidation.
On February 14, it was the highest since late October. On January 27, silver rebounded from a local low of around $30. In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is trading within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading along the $34.30 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.3% higher and palladium is 1.0% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s UoM Consumer Sentiment release has been lower than expected at 57.9. Today, we will get the Retail Sales 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).
Monday, March 17
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
Tuesday, March 18
- 6:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Building Permits, Housing Starts, Import Prices m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Paul Rejczak
Stock Trading Strategist