Daily Silver News: January 31 – Silver Nears Its Highs from December
Silver price broke above $32; markets are waiting for economic data.
The silver futures contract gained 3.50% on Thursday, January 30, as it broke above its recent trading range following record-breaking rally in gold prices. On Monday, silver was the lowest since early January, reaching a local low of $30.03. On the previous Thursday, silver was the highest since December 12, and 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 moving sideways ahead of the important inflation data, 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 above the $32.50 level. What about the other precious metals? Gold is unchanged, platinum is 0.7% higher and palladium is 0.2% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Advance GDP release has been lower than expected at +2.3% q/q. Today, we will get the important Core PCE Price 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).
Friday, January 31
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m, FOMC Member Bowman Speech
- 9:45 a.m. U.S. - Chicago PMI
- All Day, Eurozone - German Preliminary CPI m/m
Monday, February 3
- 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, ISM Manufacturing Prices, Construction Spending m/m
- 12:30 p.m. U.S. - FOMC Member Bostic Speech
- 2:00 p.m. U.S. - Loan Officer Survey
- 6:30 p.m. U.S. - FOMC Member Musalem Speech
- All Day, U.S. - Wards Total Vehicle Sales
- All Day - OPEC-JMMC Meetings
Paul Rejczak
Stock Trading Strategist