Silver price is extending a consolidation; jobs data in focus.
The silver futures contract gained 0.29% on Thursday, February 1, as it kept fluctuating along the $23 price level. On Monday, it extended a short-term uptrend and a rebound from last Monday’s local low, when it broke lower despite a further consolidation of the gold price. It was the lowest since mid-November, with the daily low at $22.04 that day. Silver was declining following economic data, stronger U.S. dollar. Before the Fed’s announcement on December 13, silver was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is trading closer to local highs, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% higher, as it is trading above the $23.30 level. What about the other precious metals? Gold is 0.1% higher, platinum is 1.0% higher and palladium is 1.6% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 224,000, and the ISM Manufacturing PMI has been higher than expected at 49.1. Today, we will receive the important monthly jobs report at 8:30 a.m., including Nonfarm Payrolls and the Unemployment Rate number.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, February 2
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Factory Orders m/m, Revised UoM Inflation Expectations
Monday, February 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 2:00 p.m. U.S. - FOMC Member Bostic Speech, Loan Officer Survey
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement, RBA Monetary Policy Statement
- 11:30 p.m. Australia - RBA Press Conference
Paul Rejczak
Stock Trading Strategist