Silver reached new medium-term high before quickly reversing lower.
The silver futures contract gained 0.81% on Friday, December 1 as it extended its uptrend on economic data, weaker U.S. dollar, among other factors. Recently silver was trading within a short-term consolidation after rallying in the middle of the month. It retraced all of its November declines following lower-than-expected Consumer Price Index release. On November 13 silver bounced from new local low of $21.92, and last week it was trading above $25.
Today silver is retracing its overnight rally following gold price short squeeze 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 well below $26 level after rallying to a new local high of around $26.40 after an overnight session’s open. What about the other precious metals? Gold is 0.8% higher, platinum is 0.6% lower and palladium is 2.0% lower. So the main precious metals’ prices are higher this morning.
Friday’s ISM Manufacturing PMI release has been lower than expected at 46.7. Today we will get the Factory Orders release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, December 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
- 7:30 p.m. Australia - GDP q/q
Paul Rejczak
Stock Trading Strategist