Silver price rallied closer to $23 level, today it’s backing off.
The silver futures contract gained 4.26% on Friday, October 13 as it rallied on increasing geopolitcal risks, among other factors. Last week on Monday the market broke above the $22 level. Silver retraced more of its recent declines after 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. On Friday it came back closer to the $23 level.
Today silver is retracing some of its Friday’s rally as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% lower as it is trading along the $22.75 level. What about the other precious metals? Gold is 0.6% lower platinum is 0.9% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower this morning.
Friday’s Michigan Sentiment release has been lower than expected at 63.0. Today we will get the Empire State Manufacturing Index release at 8:30 a.m. and some FOMC Members speeches later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 16
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 10:30 a.m. U.S. - FOMC Member Harker Speech
- 4:30 p.m. U.S. - FOMC Member Harker Speech
- 8:30 p.m. Australia - Monetary Policy Meeting Minutes
Tuesday, October 17
- 2:00 a.m. U.K. - Claimant Count Change
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:00 a.m. U.S. - FOMC Member Williams Speech
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
- Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:20 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 6:35 p.m. Australia - RBA Governor Bullock Speech
- 10:00 p.m. China - Industrial Production y/y, GDP y/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist