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):
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