Daily Silver News: October 30 – Silver Is Above $23 Again
Silver is breaking above its recent trading range as U.S. dollar weakens.
The silver futures contract lost 0.09% on Friday, October 27 as it further extended its fluctautions along the $23 level. Silver went sideways despite a rally in gold price. In the previous week it broke above a short-term consolidation along the $23 price level, but last week it was retracing that advance. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and on Friday, October 20 it traded as high as $23.9.
Today silver is breaking above its consolidation on weakening U.S. dollar, among other factors, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.2% higher as it is trading closer to $23.40. What about the other precious metals? Gold is 0.3% higher platinum is 1.9% higher and palladium is 1.3% higher. So the main precious metals’ prices are higher this morning.
Friday’s Core PCE Price Index release has been as expected at +0.3%. Today we won’t get any new important economic data. However, there will be an important Bank of Japan interest rate decision later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 30
- 4:00 a.m. Eurozone - Spanish Flash CPI y/y
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
- Tentative, Japan - BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate
- Tentative, Japan - BOJ Press Conference
Tuesday, October 31
- 6:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - CB Consumer Confidence
- 9:45 p.m. China - Caixin Manufacturing PMI
Stock Trading Strategist