Silver continues sideways ahead of the important CPI data at 8:30 a.m.
The silver futures contract gained 0.68% on Monday, March 11, as it extended a short-term consolidation following recent advances. Last week, it was relatively weaker than the yellow metal, still trading below local highs from mid-December and way below the December 4 local high of over $26. On Friday, silver reached a locah high of $24.86.
In the previous week, silver was trading within a short-term consolidation below the $23 level, and a week ago on Friday, it broke above that level. On February 14, it dipped slightly below the January 22 local low of around $22, and it was the lowest since mid-November.
Today silver is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, as it is trading slightly above the $24.60 level. What about the other precious metals? Gold is also 0.3% lower, platinum is 1.0% lower and palladium is 0.7% lower. So, the main precious metals’ prices are lower this morning.
Yesterday, we didn’t get any new important economic data. Today, the markets are waiting for the important Consumer Price Index release at 8:30 a.m. The release is likely to cause volatile moves in the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, March 12
- 3:00 a.m. U.K. - Claimant Count Change
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- All Day, Eurozone - ECOFIN Meetings
Wednesday, March 13
- 3:00 a.m. U.K. - GDP m/m
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist