Daily Silver News: February 26 – Silver Price Extends a Consolidation

Silver breaks below the $23 level again as markets await key data this week.

The silver futures contract gained 0.87% on Friday, February 23, as it bounced from the new local low of $22.58 following a short-term breakout higher in gold prices. Last week, the market retraced more of the previous week’s run-up despite weaker U.S. dollar and stable gold prices. On Tuesday, silver fluctuated following its Monday’s decline of almost 2%. On February 14, it dipped slightly below the January 22 local low of around $22.

Today silver is getting back below the $23 level, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: February 26 – Silver Price Extends a Consolidation - Image 1

The silver price is 1.0% lower, as it is trading along the $22.75 level. What about the other precious metals? Gold is 0.3% lower, platinum is 1.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are lower this morning.

Today, we will get the New Home Sales number at 10:00 a.m. The market will be waiting for tomorrow’s CB Consumer Confidence release, among others.

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

Monday, February 26

  • 10:00 a.m. U.S. - New Home Sales
  • 11:00 a.m. Eurozone - ECB President Lagarde Speech

Tuesday, February 27

  • 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 9:05 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 7:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist