Daily Silver News: December 22 – Silver Price Is Higher Ahead of Key Data

Silver gets closer to $25 level, as gold breaks above a week-long consolidation.

The silver futures contract lost 0.19% on Thursday, December 21, as it further extended its recent trading range despite breaking slightly higher on Wednesday. It is still trading sideways 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 the 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 slightly higher as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: December 22 – Silver Price Is Higher Ahead of Key Data - Image 1

The silver price is 0.7% higher as it is trading closer to $25 level in a reaction to gold’s advance of over 1%. What about the other precious metals? Gold is 1.1% higher, platinum is 0.5% higher and palladium is 0.9% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Final GDP release has been lower than expected at +4.9% q/q, and the Unemployment Claims release has also been lower than expected at 205,000. Today we will get the important Core PCE Price Index release 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).

Friday, December 22

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada - GDP m/m
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, New Home Sales, Revised UoM Inflation Expectations

Monday, December 25

  • All Day - Bank Holiday

Paul Rejczak
Stock Trading Strategist