Daily Silver News: November 21 – Silver Price Remains Near $31

Paul-Rejczak Paul Rejczak 5 h 46 min ago

Silver is moving sideways despite advances in gold price.

The silver futures contract lost 0.82% on Wednesday, November 20, as it pulled back after the recent rebound despite gold prices moving higher and retracing more of their declines. 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 extending a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: November 21 – Silver Price Remains Near $31 - Image 1

The silver price is 0.4% higher, as it is trading above the $31.00 level. What about the other precious metals? Gold is 0.7% higher, platinum is 0.3% lower and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.

Today, we will get the Unemployment Claims 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).

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

Friday, November 22

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI, ECB President Lagarde Speaks
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 6:15 p.m. U.S. - FOMC Member Bowman Speech

Paul Rejczak
Stock Trading Strategist