Silver is closer to $25 price level as U.S. dollar weakness persists.
The silver futures contract gained 2.76% on Friday, November 24 as it rallied following weaker U.S. dollar, among other factors. Earlier last week it was extending a short-term consolidation after rallying in the middle of the month. Recently silver retraced all of its November declines following the Consumer Price Index release. On previous Monday it bounced from new local low of $21.92, and on Friday it got back above $24.
Today silver is extending its short-term rally as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.0% higher as it is trading along the $24.80 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.3% higher and palladium is 1.2% higher. So the main precious metals’ prices are higher this morning.
Friday’s important Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today we will get the New Home Sales number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 27
- 10:00 a.m. U.S. - New Home Sales
- 10:20 p.m. Australia - RBA Governor Bullock Speech
Tuesday, November 28
- 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, Richmond Manufacturing Index, FOMC Member Goolsbee Speech
- 10:05 a.m. U.S. - FOMC Member Waller Speech
- 10:45 a.m. U.S. - FOMC Member Bowman Speech
- 1:05 p.m. U.S. - FOMC Member Barr Speech
- 3:30 p.m. U.S. - FOMC Member Barr Speech
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist