Silver continues sideways despite new records in gold price.
The silver futures contract lost 1.33% on Monday, September 23, as it further extended its fluctuations following the recent rally and a breakout above the $30 level. Last Wednesday, silver fluctuated after the FOMC Rate Decision release. Since then, it has been basically going sideways. In late August, it pulled back from that level, and in early September, silver 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 extending a consolidation again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% higher, as it is trading above the the $31.00 level. What about the other precious metals? Gold is also 0.2% higher, platinum is 1.2% higher and palladium is 2.2% higher. So, the main precious metals’ prices are slightly higher this morning.
Yesterday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today, we will get the important CB Consumer Confidence release 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, September 24
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 1:05 a.m. Japan - BOJ Governor Ueda Speech
- 1:30 a.m. Australia - RBA Press Conference
- 4:00 a.m. Eurozone - German ifo Business Climate
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m, FOMC Member Bowman Speech
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 1:10 p.m. Canada - BOC Governor Macklem Speech
- 9:30 p.m. Australia - CPI y/y
Wednesday, September 25
- 10:00 a.m. U.S. - New Home Sales
- 4:00 p.m. U.S. - FOMC Member Kugler Speech
Paul Rejczak
Stock Trading Strategist