Silver price remains above $24 level as markets await more economic data.
The silver futures contract gained 1.40% on Monday, November 27 as it extended its Friday’s rally of 2.8% on weaker U.S. dollar, among other factors. Earlier last week it was trading within a short-term consolidation after rallying in the middle of the month. Recently silver retraced all of its November declines following lower-than-expected 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 trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher as it is trading along the $24.70 level. What about the other precious metals? Gold is 0.1% higher, platinum is 1.1% higher and palladium is 0.1% lower. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s New Home Sales release has been lower than expected at 679,000. Today we will get the important CB Consumer Confidence release at 10:00 a.m. There will also be several 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).
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
Wednesday, November 29
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:05 a.m. U.K. - BOE Governor Bailey Speech
- 2:00 p.m. U.S. - Beige Book
- 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist