Daily Silver News: October 17 – Silver Fluctuates Following Friday’s Rally
Silver price remains below $23 as markets await more economic data.
The silver futures contract lost 0.57% on Monday, October 16 following its Friday’s rally of 4.3%. On Friday silver rallied due to increasing geopolitcal risks, among other factors. Last week on Monday the market broke above the $22 level and it retraced more of the recent declines after bouncing from $21 price level. On the previous Wednesday silver price reached new medium-term low of $20.85 and it was the lowest since early March. On Friday it came back closer to the $23 level.
Today silver is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher as it is trading above the $22.80 level. What about the other precious metals? Gold is 0.1% higher platinum is unchanged and palladium is 0.8% lower. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Empire State Manufacturing Index release has been higher than expected at -4.6. Today we will get the Retail Sales release at 8:30 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).
Tuesday, October 17
- 2:00 a.m. U.K. - Claimant Count Change
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:00 a.m. U.S. - FOMC Member Williams Speech
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
- Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 9:20 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 6:35 p.m. Australia - RBA Governor Bullock Speech
- 10:00 p.m. China - Industrial Production y/y, GDP y/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings
Wednesday, October 18
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 12:00 p.m. U.S. - FOMC Member Waller Speech
- 12:30 p.m. U.S. - FOMC Member Williams Speech
- 1:00 p.m. U.S. - FOMC Member Bowman Speech
- 2:00 p.m. U.S. - Beige Book
- 3:15 p.m. U.S. - FOMC Member Harker Speech
- 6:55 p.m. U.S. - FOMC Member Cook Speech
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
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