Silver price is breaking lower following gold, strong USD, falling stock market.
The silver futures contract lost 1.43% on Thursday, February 27, as it pulled back within its short-term consolidation following a drop in gold prices. On Tuesday, it was the lowest since late January. Recently, silver has been pulling back despite gold moving sideways in a consolidation. The previous Friday, silver was the highest since late October. On January 27, it rebounded from a local low of $30.03.
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 lower, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.3% lower, as it is trading along the $31.40 level. What about the other precious metals? Gold is 0.7% lower, platinum is 0.3% lower and palladium is 0.2% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 242,000. Today, we will get the Core PCE Price Index number at 8:30 a.m., and Manufacturing PMI release at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, February 28
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:15 p.m. U.S. - FOMC Member Goolsbee Speech
- All Day, Eurozone - German Preliminary CPI m/m
Monday, March 3
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist