Daily Silver News: February 29 – Silver Trades Along Local Lows

Silver price extends its short-term consolidation; economic data in focus.

The silver futures contract lost 0.53% on Wednesday, February 28, as it remained close to short-term local lows following Monday’s sell-off of 2%. It extended a consolidation below the $23 level. 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 trading along its local lows, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: February 29 – Silver Trades Along Local Lows - Image 1

The silver price is 0.4% lower, as it is trading close to the $22.50 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.2% higher and palladium is 0.8% higher. So, the main precious metals’ prices are lower again this morning.

Yesterday’s Preliminary GDP release has been slightly lower than expected at +3.2% q/q. Today, we will get the important Core PCE Price Index and Unemployment Claims releases 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).

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

Friday, March 1

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, Revised UoM Consumer Sentiment, ISM Manufacturing Prices, Revised UoM Inflation Expectations, Construction Spending m/m
  • 10:15 a.m. U.S. - FOMC Member Waller Speech
  • 10:50 a.m. U.S. - FOMC Member Bostic Speech
  • 1:30 p.m. U.S. - FOMC Member Daly Speaks
  • 3:30 p.m. U.S. - FOMC Member Kugler Speech
  • Tentative, U.S. - Fed Monetary Policy Report

Paul Rejczak
Stock Trading Strategist