Silver price is lower, as it continues to trade within a consolidation.
The silver futures contract gained 1.03% on Tuesday, February 27, as it retraced some of its Monday’s sell-off of 2%, extending a short-term consolidation below the $23 level. The market followed a rebound in gold prices yesterday, which was caused by weakening U.S. dollar. 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 yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% lower, as it is trading along the $22.60 level. What about the other precious metals? Gold is 0.3% lower, platinum is 1.0% lower and palladium is 1.9% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s CB Consumer Confidence release has been lower than expected at 106.7. Today we will get the GDP number 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).
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
Thursday, February 29
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 10:50 a.m. U.S. - FOMC Member Bostic Speech
- 1:15 p.m. U.S. - FOMC Member Mester Speech
- 8:10 p.m. U.S. - FOMC Member Williams Speech
- 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- 8:45 p.m. China - Caixin Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist