Daily Silver News: February 20 – Silver Price: Short-Term Consolidation

Silver is rebounding after yesterday’s retreat, remianing above $23

The silver futures contract lost 1.87% on Monday, February 19, as it retraced its Friday’s advance despite low trading activity over the holiday weekend. On Friday, silver had rallied by 2.28% following a 2.52% increase on Thursday, reaching a peak of $23.56. Earlier in the week, silver sold off after the higher-than-expected consumer inflation numbers. On Wednesday, It dipped slightly below the January 22 local low of around $22.

Today silver is trading slightly higher, and above the $23 mark, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: February 20 – Silver Price: Short-Term Consolidation - Image 1

The silver price is 0.3% higher, as it is trading along the $23.10 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.9% higher and palladium is 1.5% higher. So the main precious metals’ prices are higher this morning.

Friday’s important Producer Price Index release has been higher than expected at +0.3% m/m. Today, we will get the CB Leading Index at 10:00 a.m. The markets will be waiting for tomorrow’s FOMC Meeting Minutes announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Tuesday, February 20

  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
  • Core CPI m/m
  • 10:00 a.m. U.S. - CB Leading Index m/m
  • 8:30 p.m. Australia - Wage Price Index q/q

Wednesday, February 21

  • 8:00 a.m. U.S. - FOMC Member Bostic Speech
  • 1:00 p.m. U.S. - FOMC Member Bowman Speech
  • 2:00 p.m. U.S. - FOMC Meeting Minutes

Paul Rejczak
Stock Trading Strategist