Silver is going sideways ahead of the important economic data.
The silver futures contract gained 0.55% on Wednesday, November 29 as it further extended the uptrend on economic data, weaker U.S. dollar, among other factors. 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 along $25 level again as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower as it is trading within its yesterday’s range. What about the other precious metals? Gold is 0.4% lower, platinum is 1.1% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Preliminary GDP release has been better than expected at +5.2% q/q. Today we will get the important Core PCE Price Index and Unemployment Claims releases 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 30
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 8:30 a.m. Eurozone - ECB President Lagarde Speech
- 9:05 a.m. U.S. - FOMC Member Williams Speech
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 U.S. - Pending Home Sales m/m
- 8:45 p.m. China - Caixin Manufacturing PMI
- All Day - OPEC-JMMC Meetings
Friday, December 1
- 3:00 a.m. U.S. - FOMC Member Barr Speech
- 6:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m, FOMC Member Goolsbee Speaks
- 11:00 a.m. U.S. - Fed Chair Powell Speech
Paul Rejczak
Stock Trading Strategist