Daily Silver News: July 9 – Silver Remains Above $31

Silver price keeps fluctuating following last week’s breakout; Powell in focus.

The silver futures contract lost 2.45% on Monday, July 8, as it retraced its Friday’s advance of 2.8% following a retreat in gold prices, stronger U.S. dollar. It rebounded from the $32 level. Last Wednesday, silver broke above the previous trading range and the $30 level.

Recently, silver was gradually declining from the May 20 new medium-term high of $32.75, and on previous week, it approached its June 13 local low of $28.73, before rebounding back above $30.

Today, silver is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: July 9 – Silver Remains Above $31 - Image 1

The silver price is 1.4% higher, as it is trading along the $31.30 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.2% lower and palladium is unchanged. So, the main precious metals’ prices are higher this morning.

Today, we will get the important Fed Chair Powell Testimony at 10:00 a.m., among others. Investors will be waiting for the Consumer Price Index release on Thursday.

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

Tuesday, July 9

  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 9:15 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony, Treasury Secretary Yellen Speech
  • 1:30 p.m. U.S. - FOMC Member Bowman Speech
  • 9:30 p.m. China - CPI y/y, PPI y/y

Wednesday, July 10

  • 10:00 a.m. U.S. - Fed Chair Powell Testimony, Final Wholesale Inventories m/m
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 2:30 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Goolsbee Speech
  • 7:30 p.m. U.S. - FOMC Member Cook Speech

Paul Rejczak
Stock Trading Strategist