Daily Silver News: March 20 – Silver: More Uncertainty Following Last Week’s Rally

Paul-Rejczak Paul Rejczak Mar 20, 2024

Silver price is close to $25 ahead of the important Fed release later in the day.

The silver futures contract lost 0.51% on Tuesday, March 19, as it retraced more 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 trading close to its yesterday’s daily low, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: March 20 – Silver: More Uncertainty Following Last Week’s Rally - Image 1

The silver price is 0.4% lower, as it is trading along the $25.00 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.1% higher and palladium is 1.2% lower. So, the main precious metals’ prices are lower this morning.

Yesterday’s Building Permits and Housing Starts releases have been higher than expected. Today, the markets will get the important FOMC Rate Decision at 2:00 p.m., and the FOMC Press Conference at 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 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

Thursday, March 21

  • 4:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 4:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 5:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 5:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 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
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
  • 12:00 p.m. U.S. - FOMC Member Barr Speech

Paul Rejczak
Stock Trading Strategist