Silver price is below $25 again after retracing its post-Fed rally.
The silver futures contract lost 0.39% on Thursday, March 21, as it pulled back after rallying to a new local high of $25.98 following the Wednesday’s Fed release and a record-breaking rally in gold prices.
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 slightly extending its pull-back, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% lower, as it is trading below the $25 level. What about the other precious metals? Gold is 0.7% lower, platinum is 0.4% lower and palladium is 0.6% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Flash Manufacturing PMI has been higher than expected at 52.5, and the Flash Services PMI number has been lower than expected at 51.7. Today we won’t get any new economic data, however, the markets will be waiting for the speech of the Fed Chair Powell at 9:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, March 22
- 3:00 a.m. U.K. - Retail Sales m/m
- 5:00 a.m. Eurozone - German ifo Business Climate
- 9:00 a.m. U.S. - Fed Chair Powell Speech
- 12:00 p.m. U.S. - FOMC Member Barr Speech
- 4:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day, Eurozone - Euro Summit
Monday, March 25
- 8:25 a.m. U.S. - FOMC Member Bostic Speech
- 10:00 a.m. U.S. - New Home Sales
Paul Rejczak
Stock Trading Strategist