Silver extends its consolidation; FOMC release in focus today.
The silver futures contract gained 1.54% on Tuesday, January 28, as it retraced some of its Monday’s sell-off of 2.5%. Silver keeps extending its consolidation despite a rally in gold prices. It was the lowest since early January on Monday, reaching a local low of $30.03. On the previous Thursday, silver was the highest since December 12; last week, it pulled back below the $31 level.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is extending its short-term advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher, trading near the $31 level. What about the other precious metals? Gold is unchanged, platinum is 0.1% higher, and palladium is 0.1% higher. So, the prices of the main precious metals were mixed this morning.
Yesterday’s CB Consumer Confidence release was lower than expected at 104.1. Today, the markets are waiting for the important FOMC release at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m.
Below is our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, January 29
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:15 a.m. U.K. - BOE Governor Bailey Speech
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day, China - Bank Holiday
Thursday, January 30
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist