Silver price remains below $25 as markets await more economic data this week.
The silver futures contract lost 0.66% on Friday, March 22, as it extended its Thursday’s intraday retreat from a new local high of 25.98. On Thursday, the market reacted to the
Wednesday’s Fed release and record-breaking rally in gold prices; however, a rally in silver prices was short-lived.
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 sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher, as it is trading the below $25 level again. What about the other precious metals? Gold is 0.5% higher, platinum is 1.3% higher and palladium is 2.0% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the New Home Sales data at 10:00 a.m. The markets will be waiting for tomorrow’s CB Consumer Confidence release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 25
- 8:25 a.m. U.S. - FOMC Member Bostic Speech
- 10:00 a.m. U.S. - New Home Sales
Tuesday, March 26
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 8:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist