Silver price remains within a consolidation as markets await economic data.
The silver futures contract gained 1.81% on Friday, November 29, as it advanced after rebounding from the $30 level again. It extended a short-term consolidation amid Thursday’s Thanksgiving holiday in the U.S. 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 further extending its fluctuations, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% lower, as it is trading along the $31.20 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.1% higher and palladium is unchanged. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important ISM Manufacturing PMI release at 10:00 a.m., among others.
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).
Monday, December 2
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 3:15 p.m. U.S. - FOMC Member Waller Speech
- 4:30 p.m. U.S. - FOMC Member Williams Speech
Tuesday, December 3
- 10:00 a.m. U.S. - JOLTS Job Openings
- 12:35 p.m. U.S. - FOMC Member Kugler Speech
- 3:45 p.m. U.S. - FOMC Member Goolsbee Speech
- 7:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist