Silver broke its short-term consolidation following rallying gold prices.
The silver futures contract gained 4.33% on Tuesday, September 24, as it broke higher following record-breaking advance in gold prices. Silver reached as high as $32.60, which was the highest since late May.
Last Wednesday, the market fluctuated after the FOMC Rate Decision release. Since then, it has been basically going sideways, before breaking higher yesterday. 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 retracing some of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% lower, as it is trading near the the $32.20 level. What about the other precious metals? Gold is also 0.1% higher, platinum is 0.4% lower and palladium is 1.9% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been worse than expected at 98.7. Today, we will get the New Home Sales release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, September 25
- 10:00 a.m. U.S. - New Home Sales
- 4:00 p.m. U.S. - FOMC Member Kugler Speech
Thursday, September 26
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Final GDP Price Index q/q
- 9:10 a.m. U.S. - FOMC Member Collins Speech, FOMC Member Kugler Speech
- 9:15 a.m. U.S. - FOMC Member Bowman Speech
- 9:20 a.m. U.S. - Fed Chair Powell Speech
- 9:25 a.m. U.S. - FOMC Member Williams Speech
- 9:30 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 10:30 a.m. U.S. - FOMC Member Barr Speech, FOMC Member Cook Speech
- 11:15 a.m. U.S. - Treasury Secretary Yellen Speech
- 1:00 p.m. U.S. - FOMC Member Barr Speech, FOMC Member Kashkari Speech
- 6:00 p.m. U.S. - FOMC Member Cook Speaks
- 7:30 p.m. U.S. - Tokyo Core CPI y/y
Paul Rejczak
Stock Trading Strategist