Daily Silver News: June 24 - Silver Is Back Within a Consolidation

Silver price is below $30 again, following Friday’s sell-off of almost 4%.

The silver futures contract lost 3.92% on Friday, June 21, as it retraced its Thursday’s rally of 4.3% following a sell-off in gold amid USD strength, stock market’s uncertainty. On Thursday, the market broke above its recent trading range, however, on Friday, silver went back within a consolidation. Recently, it was gradually declining from the May 20 new medium-term high of $32.75.

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

Daily Silver News: June 24 - Silver Is Back Within a Consolidation - Image 1

The silver price is 1.2% higher, as it is trading closer to the $30 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.8% higher and palladium is 4.4% higher. So, the main precious metals’ prices are higher this morning.

Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been higher than expected. Today, we won’t get any new important economic data. The markets will be waiting for the CB Consumer Confidence number tomorrow, among others.

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

Monday, June 24

  • 3:00 a.m. U.S. - FOMC Member Waller Speech
  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 1:45 p.m. Canada - BOC Governor Macklem Speech
  • 2:00 p.m. U.S. - FOMC Member Daly Speech

Tuesday, June 25

  • 7:00 a.m. U.S. - FOMC Member Bowman Speech
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y,
  • Common CPI y/y, Core CPI m/m
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 12:00 p.m. U.S. - FOMC Member Cook Speech
  • 2:10 p.m. U.S. - FOMC Member Bowman Speech
  • 9:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist