Silver keeps moving sideways despite a record-breaking rally in gold prices.
The silver futures contract lost 0.56% on Friday, February 7, as it fluctuated within a short-term consolidation following its recent advances. Silver remained relatively weaker than the record-breaking gold price. On the prior Monday, it was the lowest since early January, reaching a local low of $30.03, and on Tuesday, it crossed the $33 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 still trading within a consolidation, rebounding from the $32 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading along the $32.70 level. What about the other precious metals? Gold is 1.5% higher, platinum is 2.1% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payroll release has been lower than expected at +143,000. Today, we won’t get any new important economic data. The market will be waiting for the Fed Chair Powell Testimony tomorrow and on Wednesday, and the key consumer inflation number on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, February 10
- Tentative, U.S. - Cleveland Fed Inflation Expectations
- All Day, Japan - Bank Holiday
Tuesday, February 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 7:15 a.m. U.K. - BOE Governor Bailey Speech
- 8:50 a.m. U.S. - FOMC Member Hammack Speech
- 10:00 a.m. U.S. - Fed Chair Powell Testimony
- 3:30 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist