Silver extends its Friday’s advance, breaking above the recent trading range.
The silver futures contract gained 0.16% on Friday, December 6, as it continued to fluctuate along the $32 level. Last Tuesday, silver broke above the $31 level, and on Wednesday, 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 breaking above its trading range, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.0% higher, as it is trading along the $32.20 level. What about the other precious metals? Gold is 0.7% higher, platinum is 1.8% higher and palladium is 3.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +227,000. Today, we will get the Final Wholesale Inventories number at 10:00 a.m. The markets will be waiting for the important Consumer Price Index release on Wednesday.
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 9
10:00 a.m. U.S. - Final Wholesale Inventories m/m
10:30 p.m. Australia - Cash Rate, RBA Rate Statement
11:30 p.m. Australia - RBA Press Conference
All Day, Eurozone - Eurogroup Meetings
Tuesday, December 10
6:00 a.m. U.S. - NFIB Small Business Index
8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
All Day, Eurozone - ECOFIN Meetings
All Day - OPEC Meetings
Paul Rejczak
Stock Trading Strategist