Silver continues sideways despite gold rallying up to $2,100 price level.
The silver futures contract gained 1.00% on Wednesday, December 27, as it further extended
its short-term consolidation despite advancing 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 lower again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower as it is trading along $24.50. What about the other precious metals? Gold is also 0.5% lower, platinum is 0.1% lower and palladium is 1.7% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Richmond Manufacturing Index release has been lower than expected at -11. Today we will get the Unemployment Claims 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).
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
Friday, December 29
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 9:45 a.m. U.S. - Chicago PMI
Paul Rejczak
Stock Trading Strategist