Silver price remains above $27 ahead of the important U.S. GDP data.
The silver futures contract lost 0.06% on Wednesday, April 24, as it went sideways following Monday’s sell-off of over 5.5%. On Monday, it dipped on a breakdown in gold prices after failed attempt at extending the uptrend on Friday. Last week, silver kept extending its consolidation below the $29 level.
On previous Friday, silver rallied due to Middle East tensions and stronger U.S. dollar, reaching a new medium-term local high of $29.91.
Today, silver is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher, as it is trading along the $27.40 level. What about the other precious metals? Gold is 0.1% higher, platinum is 0.1% higher and palladium is 0.1% lower. So, the main precious metals’ prices are slightly higher this morning.
Yesterday’s Durable Goods Orders release has been slightly higher than expected at +2.6% m/m. Today, we will get the important Advance GDP number at 8:30 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).
Thursday, April 25
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
Friday, April 26
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist