Silver price extends its rebound as investors follow gold prices.
The silver futures contract gained 2.60% on Monday, November 18, as it broke above the recent highs following a rebound in gold prices. 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 again, after breaking above the $31 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% higher, as it is trading along the $31.40 level. What about the other precious metals? Gold is 0.7% higher, platinum is 0.4% lower and palladium is 0.3% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s NAHB Housing Market Index release has been higher than expected at 46. Today, we will get the Building Permits and Housing Starts numbers at 8:20 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, November 20
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:00 a.m. Eurozone - ECB President Lagarde Speech
- 11:00 a.m. U.S. - FOMC Member Cook Speech
- 12:15 a.m. U.S. - FOMC Member Bowman Speech
- Tentative, Japan - BOJ Governor Ueda Speech
Paul Rejczak
Stock Trading Strategist