Silver price is moving sideways ahead of the important CPI data.
The silver futures contract gained 0.23% on Wednesday, October 9, as it fluctuated following its Tuesday’s sell-off of 4.4%. On Tuesday, the market reacted to gold prices breakdown below the $2,650 level. Last Friday, it reached a new medium-term high of $33.22, before retracing closer to the $32 level again. Silver price was the highest since December of 2012. On the previous Tuesday, the market broke above $32 following record-breaking advance in gold.
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 rebounding again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is trading along the $30.90 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.4% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Consumer Price Index release at 8:30 a.m. The release will likely lead to volatility on the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 9:15 a.m. U.S. - FOMC Member Cook Speech
- 10:30 a.m. U.S. - FOMC Member Barkin Speech
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
Friday, October 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:45 a.m. U.S. - FOMC Member Goolsbee Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 100:45 a.m. U.S. - FOMC Member Logan Speech
- 1:10 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist