Silver price is above $25 as markets await Powell’s speech, economic data.
The silver futures contract gained 0.88% on Thursday, November 30 as it remained close to the local high following its recent advances. The market has further extended the uptrend on economic data, weaker U.S. dollar, among other factors. Last week it was trading within a short-term consolidation after rallying in the middle of the month. Recently silver retraced all of its November declines following lower-than-expected Consumer Price Index release. On previous Monday it bounced from new local low of $21.92, and on Friday it got back above $24.
Today silver is trading above $25 level again as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher as it is trading at its new local high. What about the other precious metals? Gold is 0.4% higher, platinum is 0.3% lower and palladium is 1.4% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s important Core PCE Price Index release has been as expected at +0.2%. Today we will get the ISM Manufacturing PMI release at 9:45 a.m. There will also be speeches from the Fed Chair Jerome Powell later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, December 1
- 3:00 a.m. U.S. - FOMC Member Barr Speech
- 6:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:45 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m, FOMC Member Goolsbee Speech
- 11:00 a.m. U.S. - Fed Chair Powell Speech
- 2:00 p.m. U.S. - Fed Chair Powell Speech, FOMC Member Cook Speech
Monday, December 4
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Factory Orders m/m
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
Paul Rejczak
Stock Trading Strategist