Silver price is fluctuating as markets brace for data, presidential elections.
The silver futures contract lost 0.05% on Friday, October 25, as it went sideways following its Wednesday’s sell-off of 3.4%. Last Wednesday, silver retreated from a new long-term high of $35.07. It was the highest since 2012. Earlier this month, silver has been going sideways despite new record highs in gold price.
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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% lower, as it is trading above the $33.50 level. What about the other precious metals? Gold is 0.4% lower, platinum is 0.4% lower and palladium is 1.4% higher. So, the main precious metals’ prices are lower this morning.
Friday’s Retail Sales release has been slightly lower than expected at +0.4% month-over-month. Today, we won’t get any new important economic data. The markets will be waiting for the CB Consumer Confidence and JOLTS Job Openings data tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 28
- 1:30 p.m. Canada - BOC Governor Macklem Speech
Tuesday, October 29
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, JOLTS Job Openings
- 8:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- Tentative, U.K. - Monetary Policy Report Hearings
Paul Rejczak
Stock Trading Strategist