Silver is going sideways again, despite advancing gold price.
The silver futures contract gained 0.19% on Monday, March 25, as it fluctuated within a relatively tight trading range following Friday’s decline of 0.7%. On Friday, 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 despite gold prices rally, 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 below the $25 level again. What about the other precious metals? Gold is 1.0% higher, platinum is 0.1% higher and palladium is 0.5% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s New Home Sales release has been lower than expected at 662,000. Today, we will get the important CB Consumer Confidence release at 10:00 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).
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
Wednesday, March 27
- 6:00 p.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist