Silver remains relatively weaker than gold, as investors await economic data this week.
The silver futures contract gained 1.28% on Friday, November 22, as it extended its short-term consolidation following post-election downtrend. Silver went sideways despite rallying gold prices. On November 14, 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 pulling back from its new local high of around $32, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading along the $31.20 level. What about the other precious metals? Gold is unchanged, platinum is 1.1% lower and palladium is 1.2% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Flash Manufacturing PMI release has been as expected at 48.8, and the Flash Services PMI number has been higher than expected at 57.0. Today, we won’t get any new economic data. The markets will be waiting for the CB Consumer Confidence release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 25
- 4:00 a.m. Eurozone - German ifo Business Climate
Tuesday, November 26
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist