Silver price continues its consolidation; more economic data in focus.
The silver futures contract lost 1.76% on Wednesday, March 19, as it moved lower within a short-term consolidation following the FOMC interest rate decision. Recently, silver 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 declining within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading above $34. What about the other precious metals? Gold is also 0.1% lower, platinum is 1.2% lower and palladium is 1.3% lower. So, the main precious metals’ prices are slightly lower this morning.
Today, we will get the Unemployment Claims release 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).
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
Friday, March 21
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:05 a.m. U.S. - FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist