Daily Silver News: March 18 – Silver Price: Consolidation Following Recent Advances

Silver remains above the $25 level as markets await the Fed news on Wednesday.

The silver futures contract gained 1.28% on Friday, March 15, as it extended its Wednesday’s rally of over 3%. On Wednesday, the market caught up with the recent gold’s strength as the yellow metal extended a short-term consolidation.

In the previous week, silver was relatively weaker than gold, still trading below local highs from mid-December and way below the December 4 local high of over $26. 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 along its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: March 18 – Silver Price: Consolidation Following Recent Advances - Image 1

The silver price is unchanged, as it is trading along the $25.40 level. What about the other precious metals? Gold is 0.1% higher, platinum is 1.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are virtually flat this morning.

Friday’s Empire State Manufacturing Index has been lower than expected at -20.9, and the Michigan Consumer Sentiment number has been slightly lower than expected at 76.5. Today, we will get the NAHB Housing Market Index release at 10:00 a.m., and the important monetary policy release from the Bank of Japan later in the day. The markets will be waiting for the FOMC Rate Decision on Wednesday.

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

Monday, March 18

  • 10:00 a.m. U.S. - NAHB Housing Market Index
  • 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
  • Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate

Tuesday, March 19

  • 12:30 a.m. Australia - RBA Press Conference
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
  • Tentative, Japan - BOJ Press Conference
  • All Day, Japan - Bank Holiday

Paul Rejczak
Stock Trading Strategist