Silver trades along $23.40 after yesterday’s rally; tomorrow’s FOMC in focus.
The silver futures contract gained 2.22% on Monday, October 30 as it retraced its recent declines and a short-term downward correction following another rally in gold, 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, October 20 it traded as high as $23.9. Yesterday it came back closer to that local high.
Today silver is trading along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher as it is trading along the $23.40 level. What about the other precious metals? Gold is 0.2% higher platinum is 0.4% higher and palladium is 0.2% lower. So the main precious metals’ prices are slightly higher this morning.
Today we will get the CB Consumer Confidence release at 10:00 a.m., among others. The markets will be waiting for the important FOMC release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, November 1
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day, U.S. - Wards Total Vehicle Sales
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Paul Rejczak
Stock Trading Strategist