Silver declines below $23 as markets await more economic data.
The silver futures contract lost 0.43% on Thursday, October 26 as it slightly extended its short-term downtrend or a downward correction following recent advances. Last Friday it broke above a short-term consolidation along the $23 price level, but this week it retraced that advance. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and last Friday it traded as high as $23.9.
Today silver is trading slightly lower again as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower as it is trading along the $22.80 level. What about the other precious metals? Gold is 0.3% lower platinum is 0.3% lower and palladium is 0.7% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s important Advance GDP release has been better than expected at +4.9% q/q. Today we will get the Core PCE Price 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).
Friday, October 27
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 9:00 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day – Euro Summit
Monday, October 30
- 4:00 a.m. Eurozone - Spanish Flash CPI y/y
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
- Tentative, Japan - BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate
Paul Rejczak
Stock Trading Strategist