Silver reached new medium-term highs; economic data and tomorrow’s Fed in focus.
The silver futures contract gained 0.06% on Monday, September 16, as it went sideways following its rally on Thursday and Friday. On Friday, silver broke above its local high from August 28 and was the highest since July 17. In late August, it pulled back from the $30 level, and on the previous Wednesday, it approached the $28 level.
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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading around the $31 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.7% lower and palladium is 1.0% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Empire State Manufacturing Index release has been higher than expected at 11.5. Today, we will get the important Retail Sales number at 8:30 a.m., among others. The markets are eagerly awaiting the FOMC Rate Decision tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, September 17
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index, FOMC Member Logan Speech
Wednesday, September 18
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist