Silver price retraces more of its last week’s sell-off, moving above $30 mark.
The silver futures contract gained 1.86% on Friday, December 20, as it retraced some of its Thursday’s sell-off of 4.3% following a rebound in gold prices, caused by lower-than-expected inflation number. On Thursday, silver was the lowest since mid-September as markets reacted to the Wednesday’s Fed release. On the previous Monday, silver broke above its previous trading range and moved near the $33 level, the highest since early November.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is extending its Friday’s gain, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% higher, as it is trading above the $30 level. What about the other precious metals? Gold is 0.5% lower, platinum is 1.1% higher and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
The Core PCE Price Index release on Friday has been lower than expected at +0.1% month-over-month. Today, we will get the CB Consumer Confidence number 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).
Monday, December 23
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - CB Consumer Confidence
Tuesday, December 24
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 10:00 a.m. U.S. - New Home Sales, Richmond Manufacturing Index
- Tentative, Japan - BOJ Governor Ueda Speech
- All Day, Eurozone - German Bank Holiday
- All Day, Australia - Bank Holiday
Paul Rejczak
Stock Trading Strategist