Silver price retraced its Friday’s advance; all eyes are on tomorrow’s Fed release.
The silver futures contract lost 0.46% on Monday, March 18, as it retraced some of its Friday’s advance of 1.3%. Last Wednesday, the market caught up with the recent gold’s strength, gaining over 3%.
In the previous 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. 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 retracing more of its Friday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower, as it is trading slightly above the $25.10 level. What about the other precious metals? Gold is 0.3% lower, platinum is 1.8% lower and palladium is 2.8% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s NAHB Housing Market Index release has been slightly higher than expected at 51. Today, we will get the Building Permits/ Housing Starts releases at 8:30 a.m. The markets will be waiting for the FOMC Rate Decision tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, March 19
- 12:30 a.m. Australia - RBA Press Conference
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
- All Day, Japan - Bank Holiday
Wednesday, March 20
- 3:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 4:45 a.m. Eurozone - ECB President Lagarde Speech
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist