Daily Silver News: November 9 – Silver Price Goes Sideways

Silver fluctuates following recent declines; it remains above $22.50.

The silver futures contract gained 0.62% on Wednesday, November 8 as it fluctuated 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. On 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 trading within its yesterday’s price range as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: November 9 – Silver Price Goes Sideways - Image 1

The silver price is 0.5% lower as it is trading along the $22.60 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.2% lower and palladium is 1.6% lower. So the main precious metals’ prices are lower this morning.

Today we will get a speech from the Fed Chair Powell at 2:00 p.m. There will also be the Unemployment Claims release at 8:30 a.m.

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

Thursday, November 9

  • 8:30 a.m. U.S. - Unemployment Claims
  • Tentative, U.S. - Mortgage Delinquencies
  • 12:30 p.m. Eurozone - ECB President Lagarde Speech
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • 2:00 p.m. U.S. - Fed Chair Powell Speech
  • 7:30 p.m. Australia - RBA Monetary Policy Statement
  • All Day, Eurozone - ECOFIN Meetings

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

Paul Rejczak
Stock Trading Strategist