Silver price remains below $25, as markets’ volatility declines ahead of the year’s end.
The silver futures contract lost 0.08% on Friday, December 22, as it extended a short-term consolidation despite breaking slightly higher on Wednesday. It is still trading sideways following the previous Wednesday’s FOMC Statement release and the consequent 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 Monday, December 4 after an overnight short squeeze price action in gold price.
Today silver is trading sideways again as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher as it is trading above $24.60. What about the other precious metals? Gold is 0.2% higher, platinum is 0.2% lower and palladium is 0.3% lower. So the main precious metals’ prices are higher this morning.
Friday’s important Core PCE Price Index release has been lower than expected at +0.1% m/m. Today we will get the HPI and S&P/CS Composite-20 HPI releases at 9:00 a.m. There will likely be low activity due to a holiday season.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 26
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- All Day, Eurozone - German Bank Holiday, Italian Bank Holiday
- All Day, Canada - Bank Holiday
- All Day, U.K. - Bank Holiday
Wednesday, December 27
- 10:00 a.m. U.S. - Richmond Manufacturing Index
Paul Rejczak
Stock Trading Strategist