Silver price is fluctating after failing to break above $35; Fed announcement in focus.
The silver futures contract gained 1.49% on Tuesday, March 18, as it reached a new local high of $35.00. It continued higher on a record-breaking rally in gold prices. Last Thursday, it broke above its 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 retracing some of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% lower, as it is trading along the $34.60 level. What about the other precious metals? Gold is 0.1% higher, platinum is 1.5% lower and palladium is 1.2% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the key FOMC rate announcement at 2:00 p.m., and the FOMC Press Conference 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, March 20
- 3:00 a.m. U.K. - Claimant Count Change
- 8:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Current Account
- 8:30 a.m. U.K. - BOE Governor Bailey Speech
- 12:50 p.m. Canada - BOC Governor Macklem Speech
Paul Rejczak
Stock Trading Strategist