Daily Silver News: October 24 – Silver Extends Yesterday’s Decline

Paul-Rejczak Paul Rejczak Oct 24, 2023

Silver price is coming back to $23 level as U.S. dollar weakens.

The silver futures contract lost 1.25% on Monday, October 23 as it retraced more than a half of its Friday’s rally of 2.1%. On Friday it broke above a short-term consolidation along the $23 price level and yesterday it came back to that level again. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and last Friday it traded as high as $23.9.

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

Daily Silver News: October 24 – Silver Extends Yesterday’s Decline - Image 1

The silver price is 1.5% lower as it is trading below the $23.00 level. What about the other precious metals? Gold is 0.9% lower platinum is 1.5% lower and palladium is 0.9% lower. So the main precious metals’ prices are lower this morning.

Today we will get the important U.S. Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m.

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

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

Wednesday, October 25

  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 10:00 a.m. U.S. - New Home Sales
  • 10:00 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
  • 11:00 a.m. Canada - BOC Press Conference
  • 1:00 p.m. Eurozone - ECB President Lagarde Speech
  • 4:35 p.m. U.S. - Fed Chair Powell Speech

Paul Rejczak
Stock Trading Strategist