Silver price reached the $32 level; markets are waiting for economic data.
The silver futures contract gained 1.34% on Wednesday, December 4, as it extended its Tuesday’s advance of 2%. On Tuesday, it broke above the $31 level, and yesterday, it neared the $32 level. 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 slightly pulling back, 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 the $31.80 level again. What about the other precious metals? Gold is 0.1% lower, platinum is 0.4% higher and palladium is unchanged. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +146,000. Today, we will get the Unemployment Claims release at 8:30 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).
- 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
Friday, December 6
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:15 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 10:30 a.m. U.S. - FOMC Member Goolsbee Speaks
- 12:00 p.m. U.S. - FOMC Member Hammack Speech
- 1:00 p.m. U.S. - FOMC Member Daly Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist