Silver price remains close to $30; economic data in focus.
The silver futures contract gained 1.22% on Thursday, August 29, as it retraced some of its Wednesday’s decline of 1.2%. Silver extended a consolidation along the $30 level. Last Friday, it was advancing on weaker U.S. dollar after Jerome Powell’s speech at the Jackson Hole Symposium. Silver neared the $30 level again, and on Monday, it broke higher, partly due to a change of the contract series. On August 8, silver rebounded from a new local low of $26.50; it was the lowest since May 3 after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is going sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading below the $30 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.1% higher and palladium is 0.5% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s U.S. Preliminary GDP release has been higher than expected at +3.0% q/q. Today, we will get the important Core PCE Price Index at 8:30 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).
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Monday, September 2
- All Day, Canada – Bank Holiday
- All Day, U.S. – Bank Holiday
Paul Rejczak
Stock Trading Strategist