Daily Silver News: October 18 – Silver Breaks Above $23 Mark

Silver price extends its short-term uptrend as geopolitical risks increase.

The silver futures contract gained 1.14% on Tuesday, October 17 as it continued to fluctuate 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 Wednesday Oct. 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March. Last Friday it came back closer to the $23 level.

Today silver is trading higher after breaking above the $23 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: October 18 – Silver Breaks Above $23 Mark - Image 1

The silver price is 1.5% higher as it is trading close to the $23.40 level. What about the other precious metals? Gold is 1.2% higher platinum is 0.8% higher and palladium is 0.3% lower. So the main precious metals’ prices are higher this morning.

Yesterday’s Retail Sales release has been higher than expected at +0.7% m/m. Today we will get Building Permits, Housing Starts and Beige Book release. There will also be speeches from the FOMC Members.

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

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

Thursday, October 19

  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
  • 9:00 a.m. U.S. - FOMC Member Jefferson Speech
  • 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
  • 12:00 p.m. U.S. - Fed Chair Powell Speech
  • 1:20 p.m. U.S. - FOMC Member Goolsbee Speech
  • 1:30 p.m. U.S. - FOMC Member Barr Speech
  • 5:30 p.m. U.S. - FOMC Member Harker Speech
  • 7:00 p.m. U.S. - FOMC Member Logan Speech
  • 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate

Paul Rejczak
Stock Trading Strategist