Silver continues sideways following last week’s post-Fed rally.
The silver futures contract lost 0.19% on Monday, December 18 as it continued trading sideways and along the $24 level following last Wednesday’s FOMC Statement release and Thursday’s rally of 6.4%.
The market retraced its earlier declines and a breakdown below $24 level. On Wednesday silver went to new local low of $22.78 before reversing higher and rallying after the Fed’s news. Recently it was extending the downtrend that started on previous Monday after an overnight short squeeze price action in gold price.
Today silver is trading higher, but still within the recent price range as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher as it is trading above $24.20. What about the other precious metals? Gold is 0.1% higher, platinum is 0.4% lower and palladium is 0.1% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s NAHB Housing Market Index release has been slightly higher than expected at 37. Today we will get the Building Permits and Housing Starts numbers at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 19
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- Tentative, Japan - BOJ Press Conference
Wednesday, December 20
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Current Account
- 10:00 a.m. U.S. - CB Consumer Confidence, Existing Home Sales
Paul Rejczak
Stock Trading Strategist