Silver extends two-week long consolidation; more economic data in focus this week
The silver futures contract gained 2.75% on Friday, January 12, and yesterday, it gained 0.26%, as it extended a consolidation along the $23 level. On Friday and Monday, it was advancing following last week’s inflation data, among other factors. On Wednesday, the market went below $23 mark, and it was the lowest since mid-November. On the previous Friday, silver retraced some of its earlier decline after a better-than-expected monthly jobs data release, but the market remained close to $23. Before the Fed’s announcement on December 13, it was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is trading closer to the $23 level again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% lower, as it is trading below $23.20. What about the other precious metals? Gold is 0.8% lower, platinum is 1.0% lower and palladium is 1.2% lower. So the main precious metals’ prices are lower this morning.
Friday’s Producer Price Index release has been lower than expected at -0.1% vs. the expected +0.1% m/m. Today we will get the Empire State Manufacturing Index release 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).
Tuesday, January 16
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 10:00 a.m. U.K. - BOE Governor Bailey Speech
- 11:00 a.m. U.S. - FOMC Member Waller Speech
- 9:00 p.m. China - Industrial Production y/y, GDP q/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings
- All Day - WEF Annual Meetings
Wednesday, January 17
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
- 9:00 a.m. U.S. - FOMC Member Barr Speech, FOMC Member Bowman Speech
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 1:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 10:15 a.m. Eurozone - ECB President Lagarde Speech
- 2:00 p.m. U.S. - Beige Book
- 3:00 p.m. U.S. - FOMC Member Williams Speech
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day - WEF Annual Meetings
Paul Rejczak
Stock Trading Strategist