Silver price is pulling back again, breaching the $31 level.
The silver futures contract gained 0.12% on Tuesday, November 19, as it continued its recent advance, reaching a local high of $31.61. Last week, silver extended a post-election downtrend, reaching new local low of $29.75 on Thursday. It was the lowest since mid-September, before rebounding and breaking 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 retracing some of its Monday’s rally, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% lower, as it is trading along the $31.00 level. What about the other precious metals? Gold is unchanged, platinum is 0.8% lower and palladium is 0.7% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Building Permits and Housing Starts releases have been slightly lower than expected. Today, we won’t get any new economic data, however, there will 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).
Wednesday, November 20
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:00 a.m. Eurozone - ECB President Lagarde Speech
- 11:00 a.m. U.S. - FOMC Member Cook Speech
- 12:15 a.m. U.S. - FOMC Member Bowman Speech
- Tentative, Japan - BOJ Governor Ueda Speech
Thursday, November 21
- 3:00 a.m. Australia - RBA Gov Bullock Speech
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. U.S. - FOMC Member Hammack Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 12:25 p.m. U.S. - FOMC Member Goolsbee Speech
- 12:30 p.m. U.S. - FOMC Member Hammack Speech
- 4:40 p.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist