Silver broke below the recent trading range; FOMC release in focus.
The silver futures contract lost 4.41% on Wednesday, November 6, as it sold off after the presidential elections on Tuesday. Last Thursday, silver sold off by 3.8% following a retreat in gold prices amid economic data, stock prices pullback. Recently, it kept moving sideways despite new records in gold price. On the previous Wednesday, it was the highest since 2012.
On August 8, silver rebounded from a new local low of $26.50; it was the lowest since early May after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is fluctuating following the sell-off, 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 $31.30 level. What about the other precious metals? Gold is 1.4% lower, platinum is 1.1% lower and palladium is 0.9% lower. So, the main precious metals’ prices are slightly lower this morning.
Today, the markets will be waiting for the FOMC Rate Decision at 2:00 p.m. and the FOMC Press Conference at 2:30 a.m. We will also get the Unemployment Claims release 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).
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - Mortgage Delinquencies
Friday, November 8
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 8:30 p.m. China - CPI y/y, PPI y/y
Paul Rejczak
Stock Trading Strategist