Silver is moving sideways after its yesterday’s rally; data and Powell in focus.
The silver futures contract gained 2.03% on Tuesday, December 3, as it advanced, extending a short-term consolidation and breaking above the $31 level again. It reached the $31.50 level yesterday. 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 fluctuating following its yesterday’s advance, 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 $31.30 level again. What about the other precious metals? Gold is 0.1% lower, platinum is 0.9% higher and palladium is 1.0% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s ISM Manufacturing PMI release has been higher than expected at 48.4. Today, we will get the JOLTS Job Openings number 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).
Wednesday, December 4
- 4:00 a.m. U.K. - BOE Governor Bailey Speech
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:45 a.m. U.S. - FOMC Member Musalem Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 1:45 p.m. U.S. - Fed Chair Powell Speech
- 2:00 p.m. U.S. - Beige Book
Thursday, December 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 10:00 a.m. Canada - Ivey PMI
- All Day - OPEC-JMMC Meetings
Paul Rejczak
Stock Trading Strategist