Silver continued selling off on Friday on further gold price weakness.
The silver futures contract lost 3.25% on Friday, December 8 as it further accelerated the downtrend following last Monday’s reversal on an overnight short squeeze price action in gold price. Silver retraced all of its recent advances on Friday and it went closer to $23 level. In previous weeks it retraced all of November’s declines following lower-than-expected Consumer Price Index release. On November 13 silver bounced from new local low of $21.92.
Today silver is trading along its Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower as it is trading along $23.20. What about the other precious metals? Gold is 0.1% lower, platinum is 0.7% higher and palladium is 0.2% higher. So the main precious metals’ prices are slightly lower this morning.
Friday’s important Nonfarm Payrolls release has been better than expected at +199,000 and the Unemployment Rate has also been better than expected at 3.7%. Today we won’t get any new important economic data releases. The markets will be waiting for series of important economic data in the next two trading days. Tomorrow we will get the CPI number, and on Wednesday we will get the PPI number and the FOMC Rate Decision.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, December 11
- 1:01 p.m. U.S. - 10-y Bond Auction
- 5:20 p.m. Australia - RBA Governor Bullock Speech
Tuesday, December 12
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist