Silver price is above $23 again, the market rallied following CPI release.
The silver futures contract gained 3.46% on Tuesday, November 14 as it retraced almost all of its recent declines following the U.S. Consumer Price Index release, weakening U.S. dollar. On Monday it bounced from new local low of $21.92 and yesterday it broke back above $23.
Recently silver price followed a sell-off in gold, stronger USD, among other factors. On previous Friday silver price was above the $23 level and it was extending an almost month-long consolidation. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and on October 20 it traded as high as $23.9.
Today silver is extending the advance as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.5% higher as it is trading along the $23.50 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.8% higher and palladium is 2.6% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s important Consumer Price Index release has been slightly lower than expected at 0.0% m/m and +3.2% y/y. Today we will get the Producer Price Index number at 8:30 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).
Wednesday, November 15
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, November 16
- 6:30 a.m. Eurozone - ECB President Lagarde Speech
- 7:10 a.m. U.S. - FOMC Member Barr Speech
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:25 a.m. U.S. - FOMC Member Williams Speech
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 10:30 a.m. U.S. - FOMC Member Waller Speech
- 10:35 a.m. U.S. - FOMC Member Barr Speech
- 12:00 p.m. U.S. - FOMC Member Cook Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
Paul Rejczak
Stock Trading Strategist