Silver price is moving sideways; markets await more data.
The silver futures contract lost 1.38% on Monday, October 14, as it retraced some of its last week’s advance. On Thursday, silver gained 1.9%, and on Friday, it closed 1.7% higher, retracing most of its Tuesday’s decline. Last Tuesday, the market reacted negatively to gold prices breakdown below the $2,650 level, selling off by over 4%. On the previous 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 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 basically moving 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 $31.30 level. What about the other precious metals? Gold is also 0.1% higher, platinum is 1.2% lower and palladium is 1.7% lower. So, the main precious metals’ prices are virtually flat this morning.
Today, we will get the Empire State Manufacturing Index 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).
Tuesday, October 15
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 11:30 a.m. U.S. - FOMC Member Daly Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
Wednesday, October 16
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Import Prices m/m
- 2:40 p.m. Eurozone - ECB President Lagarde Speech
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist