Daily Silver News: November 10 – Silver Price Remains Below $23

Silver extends a short-term consolidation, it’s still relatively stronger than gold.

The silver futures contract gained 0.78% on Thursday, November 9 as it extended fluctuations along $22.50-23.00 level. The market trades within a consolidation following Tuesday’s sell-off of 2.8%. On Tuesday it got back to the recent lows again on strengthening U.S. dollar, among other factors. Last Friday silver price was above the $23 level and it was extending an almost month-long consolidation. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and on Friday, October 20 it traded as high as $23.9.

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

Daily Silver News: November 10 – Silver Price Remains Below $23 - Image 1

The silver price is 1.5% lower as it is trading along the $22.60 level again. What about the other precious metals? Gold is 0.8% lower, platinum is 1.3% lower and palladium is 4.3% lower. So the main precious metals’ prices are lower this morning.

Yesterday’s Unemployment Claims release has been as expected at 217,000. Today we will get the Preliminary UoM Consumer Sentiment release at 10:00 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).

Friday, November 10

  • 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
  • 7:30 a.m. Eurozone - ECB President Lagarde Speech
  • 7:30 a.m. U.S. - FOMC Member Logan Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 2:00 p.m. U.S. - Federal Budget Balance
  • All Day, Eurozone - ECOFIN Meetings

Monday, November 13

  • 2:00 p.m. U.S. - Federal Budget Balance
  • 7:30 p.m. Australia - NAB Business Confidence
  • All Day, Canada - Bank Holiday

Paul Rejczak
Stock Trading Strategist