Silver is still weaker than gold, trading below the $25 level.
The silver futures contract lost 1.08% on Tuesday, March 26, as it slightly extended its short-term downtrend despite gold remaining close to the $2,200 level. 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 slightly higher after reaching a new local low, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher, as it is trading along the $24.70 level. What about the other precious metals? Gold is 0.8% higher, platinum is 0.8% lower and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s important CB Consumer Confidence release has been lower than expected at 104.7. Today, we won’t get any new economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, March 27
- 6:00 p.m. U.S. - FOMC Member Waller Speech
Thursday, March 28
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, Pending Home Sales m/m,
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist