Daily Silver News: October 26 – Silver Extends Consolidation

Silver price trades along $23 level as markets await more economic data.

The silver futures contract lost 0.47% on Wednesday, October 25 as it remained close to the $23 level. On Friday it broke above a short-term consolidation along the $23 price level and on Monday 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 trading sideways again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: October 26 – Silver Extends Consolidation - Image 1

The silver price is 0.6% lower as it is trading above the $23.00 level. What about the other precious metals? Gold is 0.1% higher platinum is 0.2% higher and palladium is 0.4% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s U.S. New Home Sales release has been higher than expected at +759,000. Today we will get the important Advance GDP release at 8:30 a.m., among others.

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

Thursday, October 26

  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 9:00 a.m. U.S. - FOMC Member Waller Speech
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 7:30 p.m. Japan - Tokyo Core CPI y/y

Friday, October 27

  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
  • 9:00 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

Paul Rejczak
Stock Trading Strategist