Silver price extends its consolidation despite advancing gold.
The silver futures contract lost 0.69% on Tuesday, December 26, as it continued its short-term consolidation despite advances of the gold price. 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 slightly lower as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower as it is trading along $24.40. What about the other precious metals? Gold is 0.4% higher, platinum is 0.1% lower and palladium is 0.7% higher. So the main precious metals’ prices are mixed this morning.
Today we will get the Richmond Manufacturing Index release 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).
Wednesday, December 27
- 10:00 a.m. U.S. - Richmond Manufacturing Index
Thursday, December 28
- 8:30 a.m. U.S. - Unemployment Claims, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
Paul Rejczak
Stock Trading Strategist