Silver gets closer to the recent local high as gold extends its rally.
The silver futures contract lost 0.29% on Thursday, October 19 as it kept going sideways following the recent advances despite a rally in gold price. Silver continued to fluctuate after its last Friday’s rally of 4.3%. On Friday a week ago it rallied due to increasing geopolitcal risks, among other factors. Last week on Monday the market broke above the $22 level and it retraced more of the recent declines after bouncing from $21 price level. On Wednesday Oct. 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March. Last Friday it came back closer to the $23 level.
Today silver is trading closer to its recent high as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.6% higher as it is trading slightly below the $23.40 level. What about the other precious metals? Gold is 0.8% higher platinum is 1.0% higher and palladium is 0.6% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 198,000. Today we won’t get any new important economic data. The markets will keep reacting on geopolitics.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, October 20
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:00 a.m. U.S. - FOMC Member Harker Speech
Monday, October 23
- No important economic data announcements
Paul Rejczak
Stock Trading Strategist