Silver price remains close to $27, extending a short-term consolidation.
The silver futures contract lost 1.00% on Wednesday, August 7, as it remained close to its local lows following Monday’s sell-off of 4.2%. On Monday, silver reacted to the japanese Yen turmoil, stock market’s volatility. Silver broke below the recent lows, reaching the lowest since early May. Recently, the market has been approaching the $29 level, retracing some of its late July declines. On previous Thursday, silver accelerated its sell-off amid a rout in gold prices. In early July, it was rebounding from the $32 level despite a rally in gold prices.
Today, silver is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher, as it is trading along the $27.00 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.4% higher and palladium is 1.3% higher. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Unemployment Claims release at 8:30 a.m., among others. Precious metals will continue reacting to volatile fluctuations on global markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 8
- 8:30 a.m. U.S. - Unemployment Claims
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:01 p.m. U.S. - 30-y Bond Auction
- 3:00 p.m. U.S. - FOMC Member Barkin Speech
- 9:30 p.m. China - CPI y/y, PPI y/y
- Tentative, U.S. - Mortgage Delinquencies
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist