Daily Silver News: October 19 – Silver Price Keeps Going Sideways
Silver extends its consolidation along the $23 price level.
The silver futures contract gained 0.33% on Wednesday, October 18 as it went sideways again despite a rally in gold price. Silver continued to fluctuate following its Friday’s rally of 4.3%. On Friday it 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 sideways again as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower as it is trading along $23.00 level. What about the other precious metals? Gold is also 0.3% lower platinum is 0.6% lower and palladium is 2.3% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s Building Permits and Housing Starts have been mixed. Today we will get the Unemployment Claims release at 8:30 a.m., among others. 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).
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
Friday, October 20
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:00 a.m. U.S. - FOMC Member Harker Speech
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