Silver moves sideways despite gold price reaching new records; Fed in focus tomorrow.
The silver futures contract lost 0.36% on Monday, March 17, as it moved sideways following its recent advance. Last week, silver moved higher on a record-breaking rally in gold prices. On Thursday, it 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 near its Friday’s local high, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% higher, as it is trading along the $34.60 level. What about the other precious metals? Gold is 0.8% higher, platinum is unchanged and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Retail Sales release has been lower than expected at +0.2% m/m. Today, we will get the Building Permits and Housing Starts releases at 8:30 a.m., among others. Investors are eagerly awaiting the FOMC rate announcement tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, March 19
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
- 9:00 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
- All Day, Japan – Bank Holiday
Paul Rejczak
Stock Trading Strategist