Silver price extends a consolidation as markets brace for important economic data.
The silver futures contract lost 1.13% on Wednesday, February 21, as it retraced more of the last week’s run-up despite weaker U.S. dollar and stable gold prices. On Tuesday, silver fluctuated following its Monday’s decline of 1.9%. On Friday, silver had rallied by 2.28% following a 2.52% increase on Thursday, reaching a peak of $23.56. Earlier last 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 getting back up, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading above the $23 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.1% higher and palladium is 1.5% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Unemployment Claims release at 8:30 a.m., and the Flash Manufacturing PMI/ Flash Services PMI numbers at 9:45 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, February 22
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Unemployment Claims
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, FOMC Member Jefferson Speech
- 5:00 p.m. U.S. - FOMC Member Waller Speech
- All Day, Eurozone - ECOFIN Meetings
Friday, February 23
- 4:00 a.m. Eurozone - German ifo Business Climate
- Tentative, U.S. - Fed Monetary Policy Report
- All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist