Silver price reached new medium-term highs following Friday’s data, gold rally.
The silver futures contract gained 0.94% on Friday, April 5, as it further extended a short-term uptrend after retracing its intraday decline following the monthly jobs data announement.
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 extending its Friday’s rally, 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 $27.80 level. What about the other precious metals? Gold is 0.6% higher, platinum is 1.3% higher and palladium is 1.0% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been much better than expected at +303,000. Today, we won’t get any new economic data. The markets will be awaiting the important Consumer Price Index release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 8
- No important economic data
Tuesday, April 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist