Silver sold off after gold, extending its short-term consolidation.
The silver futures contract lost 3.51% on Monday, November 25, as it sold off in a reaction to gold prices move on news about a potential Israel-Lebanon ceasefire deal. Silver was as low as $30.11 yesterday, retracing most of its recent rebound and extending a consolidation following post-election downtrend. 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 rebounding, 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 along the $31.00 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.9% lower and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important CB Consumer Confidence release at 10:00 a.m., and the FOMC Meeting Minutes announcement at 2:00 p.m., among others.
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).
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
Wednesday, November 27
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Core PCE Price Index m/m, Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m
Paul Rejczak
Stock Trading Strategist