Silver rallied up to the $33 level yesterday; markets await CPI data tomorrow.
The silver futures contract gained 3.24% on Monday, December 9, as it rallied after breaking above its recent trading range. Silver moved near the $33 level, the highest since early November. It advanced after gold prices breakout following Friday’s employment data.
On November 14, silver was the lowest since mid-September, before reboundng and breaking above the $30 level. In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is pulling back slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading along the $32.60 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.2% higher and palladium is 00.4% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Nonfarm Productivity number at 8:30 a.m., among others. The markets will be waiting for the important Consumer Price Index release tomorrow.
Friday’s Flash Manufacturing PMI release has been as expected at 48.8, and the Flash Services PMI number has been higher than expected at 57.0. Today, we won’t get any new economic data. The markets will be waiting for the CB Consumer Confidence release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 10
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- All Day, Eurozone - ECOFIN Meetings
- All Day - OPEC Meetings
Wednesday, December 11
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist