Silver trades above $24 as markets continue to react on low inflation data.
The silver futures contract gained 1.68% on Thursday, November 16 as it broke above the previous local highs and the $24 level. It retraced all of its November declines following Tuesday’s Consumer Price Index release, weaker U.S. dollar. On Monday it bounced from new local low of $21.92 and yesterday it was above $24.
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.
Today silver is slightly higher again as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% higher as it is trading above $24. What about the other precious metals? Gold is 0.3% higher, platinum is 1.2% higher and palladium is 1.8% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 231,000. Today we will get Building Permits and Housing Starts releases at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, November 20
- 1:45 p.m. U.K. - BOE Governor Bailey Speech
- 6:00 p.m. Australia - RBA Governor Bullock Speech
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
Paul Rejczak
Stock Trading Strategist