Silver is trading sideways ahead of the important Fed release.
The silver futures contract lost 0.50% on Tuesday, September 17, as it extended a short-term consolidation following the recent advances. On Friday, silver broke above its local high from August 28 and on Monday, it was the highest since July 17. In late August, silver 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 further extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading slightly below the $31 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.5% lower and palladium is 1.1% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Retail Sales release has been higher than expected at +0.1% month-over-month. Today, we will get the important FOMC Rate Decision at 2:00 p.m., and the FOMC Press Conference at 2:30 p.m. It is likely to increase volatility on the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, September 19
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Current Account
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Paul Rejczak
Stock Trading Strategist