Daily Silver News: February 27 – Silver Price Is Closer to $23 Again

Silver extends a nervous consolidation, getting closer to its recent highs.

The silver futures contract lost 1.98% on Monday, February 26, as it retraced its Friday’s rebound, reaching a new local low of $22.47. The market followed declining gold prices yesterday. Last week, the market retraced more of the previous week’s run-up despite weaker U.S. dollar and stable gold prices. On February 14, it dipped slightly below the January 22 local low of around $22.

Today silver is retracing most of its yesterday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: February 27 – Silver Price Is Closer to $23 Again - Image 1

The silver price is 0.7% higher, as it is trading along the $22.90 level. What about the other precious metals? Gold is 0.4% higher, platinum is 1.8% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s New Home Sales release has been lower than expected at 661,000. Today we will get the important CB Consumer Confidence number at 10:00 a.m. We will also get the Durable Goods Orders release at 8:30 a.m.

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

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

Wednesday, February 28

  • 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 12:00 p.m. U.S. - FOMC Member Bostic Speech
  • 12:45 p.m. U.S. - FOMC Member Williams Speech
  • All Day - G20 Meetings

Paul Rejczak
Stock Trading Strategist