Silver prices declined slightly on Tuesday, as investors turned their attention to planned remarks from President Trump later this evening.
May silver futures dipped 7 cents, or 0.4%, to $18.35 a troy ounce at 7:38 am ET. Prices fluctuated within a narrow range of $18.28 and $18.39 overnight. The move lower knocked silver prices off overbought levels, according to the Relative Strength Index (RSI). At 69, the RSI is still hovering near overbought territory.
Silver is in a two-month uptrend, fueled by technical buying and risk-off sentiment in the global financial markets.
Gold futures also traded slightly lower on Tuesday. The April contract dipped $4.20, or 0.3%, to $1,256.20 a troy ounce.
On Tuesday evening, U.S. President Donald Trump will deliver his first address to a joint Congress. Investors will be closely monitoring the event for clues about the new administration’s economic policies around taxation and deregulation. Earlier this month, Trump promised to unveil “phenomenal” tax cuts in a matter of weeks.
The U.S. dollar resumed its consolidation trend on Tuesday, falling slightly against a basket of world peers. The dollar index dipped 0.1% to 101.01, having held relatively steady over the past three sessions.
In equities, European stock markets held relatively steady following their longest decline since November. The pan-European Stoxx 600 was last down 0.1%.
U.S. stock futures were little changed in pre-market trading, pointing to a stable start to the day on Wall Street. On Monday, the Dow Jones Industrial Average recorded its twelfth consecutive record close. A repeat performance on Tuesday would mark the index’s longest-ever streak of all-time highs.
The S&P 500 Index is also coming off a new record high.