Silver price drops to $22 ahead of the Fed Chair Powell’s speech.
The silver futures contract lost 1.28% on Friday, September 29 as it retraced its intraday rally following economic data releases, strong U.S. dollar. On Friday silver broke below $22.50 level and it was the lowest since mid-August.
Today silver is further extending its sell-off as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.0% lower as it is trading along $22.00 level. What about the other precious metals? Gold is 0.4% lower platinum is 0.9% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower again this morning.
Friday’s Core PCE Price Index release has been slightly lower than expected at +0.2% m/m. Today we will get the ISM Manufacturing PMI release at 10:00 a.m. There will also be a speech from the Fed Chair Powell at 11:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 2
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 11:00 a.m. U.S. - Fed Chair Powell Speech, FOMC Member Harker Speech
- 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
- All Day, Canada – Bank Holiday
- All Day, China – Bank Holiday
Tuesday, October 3
- 10:00 a.m. U.S. - JOLTS Job Openings
- All Day, Eurozone – German Bank Holiday
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist