Silver trades higher following the Fed’s interest rate cut.
The silver futures contract lost 0.94% on Wednesday, September 18, as it fluctuated following the FOMC Rate Decision release. It went as high as $31.58, before reversing downwards. Last Friday, silver broke above its local high from August 28 and yesterday, 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 retracing its yesterday’s pull-back, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.8% higher, as it is trading along the the $31.50 level. What about the other precious metals? Gold is 0.7% higher, platinum is 1.9% higher and palladium is 2.7% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Unemployment Claims release at 8:30 a.m. The markets will also wait for the important Bank of Japan monetary policy update overnight.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
- 8:15 a.m. Canada - BOC Governor Macklem Speech
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 11:00 a.m. Eurozone - ECB President Lagarde Speech
- 2:00 p.m. U.S. - FOMC Member Harker Speech
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist