Daily Silver News: November 13 – Silver Price Extends Its Sell-Off
Silver is closer to $22 price level today; markets await tomorrow’s CPI release.
The silver futures contract lost 2.72% on Friday, November 10 as it accelerated its last week’s downtrend. The market broke below the local lows along $22.50 price level. Silver price followed a sell-off in gold, stronger USD, among other factors. On previous 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 October 20 it traded as high as $23.9.
Today silver is further extending the decline as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% lower as it is trading along the $22.10 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.1% higher and palladium is 0.8% higher. So the main precious metals’ prices are mixed this morning.
Friday’s Preliminary UoM Consumer Sentiment release has been lower than expected at 60.4. Today we won’t get any new important economic data. The markets will be waiting for tomorrow’s Consumer Price Index release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, November 14
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 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
- 10:00 a.m. U.S. - FOMC Member Barr Speech
- 12:45 p.m. U.S. - FOMC Member Goolsbee Speech
- 7:30 p.m. Australia - Wage Price Index q/q
- 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Stock Trading Strategist