Silver price pulled back from the $33 level; more economic data in focus.
The silver futures contract lost 0.70% on Friday, January 31, as it retraced some of its rally after reaching near the $33 level. Last Thursday, silver broke above its recent trading range following a record-breaking rally in gold prices. Last Monday, it was the lowest since early January, reaching 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, trading above the $32 level. What about the other precious metals? Gold is unchanged, platinum is 2.7% lower, and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Core PCE Price Index release has been as expected at +0.2% month-over-month. Today, we will get the ISM Manufacturing PMI number at 10:00 a.m., among others.
Below is our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, February 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
- 12:30 p.m. U.S. - FOMC Member Bostic Speech
- 2:00 p.m. U.S. - Loan Officer Survey
- 6:30 p.m. U.S. - FOMC Member Musalem Speech
- All Day, U.S. - Wards Total Vehicle Sales
- All Day - OPEC-JMMC Meetings
Tuesday, February 4
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 11:00 a.m. U.S. - FOMC Member Bostic Speech
- 1:15 p.m. U.S. - FOMC Member Daly Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist