Silver trades below $27 level ahead of the important monthly jobs number.
The silver futures contract gained 0.69% on Thursday, April 4, as it further extended its short-term advance, reaching a local high of $27.45. Silver reached new medium-term highs following record-breaking rally in gold price.
On March 21, silver failed to break above its early December local high of $26.34, backing off from the $26 level. Since then, it has been relatively weaker than gold.
Today, silver is retracing some of the advances, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.3% lower, as it is trading below the $27 level, the highest since March of 2022. What about the other precious metals? Gold is 0.2% higher, platinum is 1.1% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 221,000. Today, we will get the important monthly jobs data at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, April 5
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:15 a.m. U.S. - FOMC Member Barkin Speech
Monday, April 8
- No important economic data
Paul Rejczak
Stock Trading Strategist