Silver price neared the $33 level; jobs data and tariff news are in focus.
The silver futures contract gained 1.52% on Tuesday, February 4, as it extended its uptrend following a further rally in gold prices. Last Monday, silver was the lowest since early January, reaching a local low of $30.03, and yesterday, 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 fluctuating despite more advances in gold, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, trading below the $33 level. What about the other precious metals? Gold is 0.6% higher, platinum is 1.1% higher, and palladium is 1.0% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7,60 million. Today, we will get the ADP Non-Farm Employment Change release at 8:15 a.m. and the ISM Services PMI release 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).
Wednesday, February 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Trade Balance
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 1:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 3:00 p.m. U.S. - FOMC Member Bowman Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
Thursday, February 6
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 7:30 a.m. U.S - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. Canada - Ivey PMI
- 2:30 p.m. U.S. - FOMC Member Waller Speech
- 3:30 p.m. U.S. - FOMC Member Daly Speech
Paul Rejczak
Stock Trading Strategist