Silver is retracing some of its Wednesday’s sell-off as investors await economic data.
The silver futures contract gained 0.66% on Monday, October 28, as it continued its short-term consolidation following last Wednesday’s sell-off of 3.4%. On 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 breaking its short-term highs, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% higher, as it is trading along the $34.30 level. What about the other precious metals? Gold is 0.3% higher, platinum is 1.7% higher and palladium is 2.0% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important CB Consumer Confidence and JOLTS Job Openings releases at 10:00 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).
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
Wednesday, October 30
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Advance GDP q/q, Advance GDP Price Index q/q
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist