Silver remains relatively weak vs. gold, pulling back below $34.
The silver futures contract lost 1.02% on Thursday, March 20, as it pulled back despite new record highs in gold price. Last Thursday, silver broke above its local high from February 14, nearing late October high. Earlier, it rebounded after its previous week’s pullback, extending 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 extending its short-term decline, 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 below the $34 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.5% lower and palladium is 0.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 223,000. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, March 24
- 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
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 1:45 p.m. U.S. - FOMC Member Bostic Speech
- 2:00 p.m. U.K. - BOE Governor Bailey Speech
- 3:10 p.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist