Silver price is closer to $31 again; markets await more data.
The silver futures contract lost 0.45% on Friday, November 15, as it continued to fluctuate within a short-term consolidation. Last week, silver extended its post-election downtrend, reaching a new local low of $29.75 on Thursday. It was the lowest since mid-September, before rebounding and breaking above the $30 level.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is higher, yet still trading within a consolidation range, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.3% higher, as it is trading along the $30.80 level. What about the other precious metals? Gold is 1.1% higher, platinum is 1.5% higher and palladium is 2.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Retail Sales release has been slightly higher than expected at +0.4% month-over-month. Today, we will get the NAHB Housing Market Index release at 10:00 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).
Monday, November 18
- 10:00 a.m. U.S. - NAHB Housing Market Index, FOMC Member Goolsbee Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
- All Day - G20 Meetings
Tuesday, November 19
- 5:00 a.m. U.K. - Monetary Policy Report Hearings
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y,
- Common CPI y/y, Core CPI m/m
- 1:10 p.m. U.S. - FOMC Member Schmid Speech
- 8:00 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- All Day - G20 Meetings
Paul Rejczak
Stock Trading Strategist