Daily Silver News: October 23 – Silver Price Extended Its Advance

Silver continues to fluctuate above $23 level; it’s still relatively weaker than gold.

The silver futures contract gained 2.05% on Friday, October 20 as it broke above its short-term consolidation along the $23 price level. Last week silver fluctuated after its previous Friday’s rally of 4.3% and last Friday it broke higher. In the previous week it rallied due to increasing geopolitcal risks, among other factors. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March and on Friday it traded as high as $23.9.

Today silver is retracing some of its Friday’s advance as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: October 23 – Silver Price Extended Its Advance - Image 1

The silver price is 0.5% lower as it is trading below the $23.40 level again. What about the other precious metals? Gold is 0.2% lower platinum is 0.5% lower and palladium is unchanged. So the main precious metals’ prices are slightly lower this morning.

Today we won’t get any new important economic data. Tomorrow we will get important PMI numbers from the U.S. and Europe. The markets will keep reacting on geopolitics.

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

Monday, October 23

  • No important economic data announcements

Tuesday, October 24

  • 2:00 a.m. U.K. - Claimant Count Change
  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:00 a.m. Australia - RBA Governor Bullock Speech
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. Eurozone - ECB President Lagarde Speech
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - Richmond Manufacturing Index
  • 8:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q

Paul Rejczak
Stock Trading Strategist