Silver extends its rally as markets await more economic data.
The silver futures contract gained 1.76% on Wednesday, November 15 as it extended its Tuesday’s rally of 3.5%. It retraced almost all of its November 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 was at $23.50 again.
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 slightly extending its advance as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher as it is trading slightly below $23.70 level. What about the other precious metals? Gold is 0.1% higher, platinum is 0.2% higher and palladium is 0.4% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s important Producer Price Index release has been lower than expected at -0.5% m/m. Today we will get the Unemployment Claims release at 8:30 a.m., among others. There will also be speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, November 17
- 2:00 a.m. U.K. - Retail Sales m/m
- 3:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:45 a.m. U.S. - FOMC Member Goolsbee Speech
Paul Rejczak
Stock Trading Strategist