Silver price remains close to $32 ahead of the important economic releases.
The silver futures contract gained 0.69% on Wednesday, October 16, as it extended its short-term advance and broke the $32 level. Silver keeps retracing the recent declines. 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 0.2% higher, as it is trading along the $32 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.8% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Retail Sales and Unemployment Claims data at 8:30 a.m. There will be also the ECB Interest Rate Decision at 8:15 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. U.S. - ECB Press Conference
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 11:00 a.m. U.S. - FOMC Member Goolsbee Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 10:00 p.m. China - GDP q/y, Industrial Production y/y, Retail Sales y/y
- Tentative, U.S. - Federal Budget Balance
Friday, October 18
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 12:10 p.m. U.S. - FOMC Member Waller Speech
- Tentative, U.S. - Treasury Currency Report
Paul Rejczak
Stock Trading Strategist