Silver broke the $30 level following rally in gold prices.
The silver futures contract gained 4.08% on Thursday, September 12, as it rallied on record-breaking advance in gold prices, stock markets advance. Silver broke above the recent trading range and the $29 level. Last Friday, it sold off after monthly jobs data, reaching the lowest since mid-August. Two weeks ago, it pulled back from the $30 level, and last Wednesday, it approached the $28 level.
On August 8, silver rebounded from a new local low of $26.50; it was the lowest since May 3 after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is extending its advance above the $30 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading along the $30.30 level. What about the other precious metals? Gold is 0.6% higher, platinum is 1.1% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been higher than expected at +0.2% month-over-month. Today, we will get the Preliminary UoM Consumer Sentiment 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).
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings
Monday, September 16
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist