Silver sold off despite gold trading sideways; today it’s bouncing.
The silver futures contract lost 1.83% on Monday, January 22, as it broke below its recent local lows despite a further consolidation of the gold price. Yesterday, silver was the lowest since mid-November, and it was close to the $22 price level. Last week, silver was declining following economic data, stronger U.S. dollar. Before the Fed’s announcement on December 13, silver was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is retracing some of its yesterday’s sell-off, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher, as it is trading along $22.40. What about the other precious metals? Gold is 0.2% higher, platinum is 1.1% higher and palladium is 0.4% lower. So the main precious metals’ prices are higher this morning.
Today, we will get the Richmond Manufacturing Index release at 10:00 a.m. The markets will be waiting for tomorrow’s PMI numbers announcements.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 23
- 10:00 a.m. U.S. - Richmond Manufacturing Index
- Tentative, Japan - BOJ Press Conference
Wednesday, January 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
Paul Rejczak
Stock Trading Strategist