Daily Silver News: June 27 – Silver Rebounded from $29

Silver price extends a short-term consolidation; more economic data in focus.

The silver futures contract gained 1.34% on Wednesday, June 26, as it rebounded from its Tuesday’s local low of $28.86. On Tuesday, the market broke the recent lows following last Friday’s sell-off of 3.9%, gold’s reversal. Last Friday, the market retraced its Thursday’s rally amid gold weakness, USD strength and the stock market’s uncertainty, getting back within a consolidation. Recently, it was gradually declining from the May 20 new medium-term high of $32.75.

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

Daily Silver News: June 27 – Silver Rebounded from $29 - Image 1

The silver price is 0.2% lower, as it is trading along the $29.20 level again. What about the other precious metals? Gold is 0.5% higher, platinum is 1.1% lower and palladium is 1.5% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s New Home Sales release has been lower than expected at 619,000. Today, we will get the GDP and Unemployment Claims releases 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).

Thursday, June 27

  • 5:30 a.m. U.K. - BOE Governor Bailey Speech
  • 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 4:30 p.m. U.S. - Bank Stress Test Results
  • 7:30 p.m. Japan - Tokyo Core CPI y/y

Friday, June 28

  • 3:00 a.m. Eurozone - Spanish Flash CPI y/y
  • 6:00 a.m. U.S. - FOMC Member Barkin Speech
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 11:00 a.m. U.S. - Fed Monetary Policy Report
  • 12:00 p.m. U.S. - FOMC Member Bowman Speech

Paul Rejczak
Stock Trading Strategist