Silver sold off below the previous lows; more economic data in focus.
The silver futures contract lost 4.57% on Thursday, July 25, as it accelerated its sell-off following a rout in gold prices. Recently, silver has been fluctuating along the $29 level, and yesterday, its daily low was at $27.56. On Friday, silver continued its recent declines after a sharp move lower in gold too. Earlier, it was rebounding from the $32 level despite a record-breaking rally in gold prices.
In May and June, silver was gradually declining from the May 20 new medium-term high of $32.75, and in late June, it was briefly below $29, before rebounding closer to $32 again.
Today, silver is fluctuating 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 0.2% lower, as it is still trading below the $28 level. What about the other precious metals? Gold is 0.8% higher, platinum is 0.3% lower and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Advance GDP release has been higher than expected at +2.8% q/q. Today, we will get the Core PCE Price Index 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).
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - G20 Meetings
Monday, July 29
- No important economic data
Paul Rejczak
Stock Trading Strategist