Daily Silver News: December 28 - Silver Price Remains Close to $24.50

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):

Daily Silver News: December 28 - Silver Price Remains Close to $24.50 - Image 1

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