Silver price ontinues its uptrend after breaking above the $22.00 level.
The silver futures contract gained 0.82% on Wednesday, October 11 as it slightly extended a short-term uptrend. The market broke above the $22 level. On Tuesday it was fluctuating following the last week’s rebound and Friday’s rally of 3.4%. Silver retraced some more of its recent declines following bouncing from $21 price level. Last week on Wednesday the market reached new medium-term low of $20.85. and it was the lowest since early March.
Today silver is trading higher as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% higher as it is trading above the $22.30 level. What about the other precious metals? Gold is 0.4% higher platinum is 0.8% lower and palladium is 0.9% lower. So the main precious metals’ prices are higher again this morning.
Yesterday’s important Producer Price Index release has been higher than expected at +0.5% m/m. Today we will get the Consumer Price Index announcement at 8:30 a.m. There will likely be an increased volatility following that release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, October 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. China - CPI y/y, PPI y/y
- All Day - IMF Meetings
Friday, October 13
- 4:00 a.m. U.K. - BOE Governor Bailey Speech
- 9:00 a.m. U.S. - FOMC Member Harker Speech
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist