Daily Silver News: January 10 – Silver Extends Consolidation

Silver price remains above $25 ahead of the important inflation data tomorrow.

The silver futures contract lost 0.94% on Tuesday, January 9, as it extended its week-long consolidation above the $23 price level. On Friday, silver retraced some of its last Wednesday’s decline following a better-than-expected monthly jobs data release, but the market remained close to $23 level. Last Wednesday, it sold off by 3.3% after a breakdown in gold price on strengthening U.S. dollar and declining stock markets. Recently, it was trading sideways following the December 13 FOMC Statement release and a rally of over 6%, and on Friday it retraced more of that advance after breaking below $24 level.

Before the Fed’s announcement, it was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.

Today silver is trading sideways, and still above $23 mark, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: January 10 – Silver Extends Consolidation - Image 1

The silver price is 0.3% higher, as it is trading slightly above the $23 level. What about the other precious metals? Gold is 0.4% higher, platinum is 0.2% lower and palladium is 0.2% lower. So the main precious metals’ prices are higher this morning.

Today, we will get the Final Wholesale Inventories release at 10:00 a.m. There will also be the 10-y Bond Auction at 1:01 p.m. The markets will be waiting for the important Consumer Price Index release tomorrow.

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

Wednesday, January 10

  • 9:15 a.m. U.K. - BOE Governor Bailey Speech
  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 3:15 p.m. U.S. - FOMC Member Williams Speech

Thursday, January 11

  • 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • 2:00 p.m. U.S. - Federal Budget Balance
  • 8:30 p.m. China - CPI y/y, PPI y/y

Paul Rejczak
Stock Trading Strategist