Silver remains weaker than gold, economic data in focus.
The silver futures contract gained 0.52% on Wednesday, March 27, as it basically went sideways after slightly extending its short-term downtrend. Last Friday, it continued the Thursday’s intraday retreat from a new local high of 25.98, and on Thursday, the market reacted to the last 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 new highs in gold prices, 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 above the $24.70 level. What about the other precious metals? Gold is 0.8% higher, platinum is unchanged and palladium is 1.1% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important economic data, including the GDP, Unemployment Claims at 8:30 a.m., and the Consumer Sentiment number 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).
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
Friday, March 29
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m,
- Personal Spending m/m, Preliminary Wholesale Inventories m/m
- 11:20 a.m. U.S. - FOMC Member Daly Speech
- 11:30 a.m. U.S. - Fed Chair Powell Speech
- All Day, U.S. - Bank Holiday
- All Day, Canada - Bank Holiday
- All Day, Eurozone - German Bank Holiday
Paul Rejczak
Stock Trading Strategist