Silver continues trading above the $30 level as markets await the Retail Sales release.
The silver futures contract lost 0.31% on Thursday, November 14, as it further extended its post-election downtrend, reaching a new local low of $29.75. It was the lowest since mid-September, before rebounding and closing above the $30 level.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is fluctuating following its yesterday’s intraday rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher, as it is trading along the $30.70 level. What about the other precious metals? Gold is 0.1% lower, platinum is 1.1% higher and palladium is 2.7% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Producer Price Index release has been as expected at +0.2% month-over-month. Today, we will get the Retail Sales release 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).
Friday, November 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m
Monday, November 18
- 10:00 a.m. U.S. - NAHB Housing Market Index, FOMC Member Goolsbee Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist