Silver continues to trade below $22.50; strong dollar casts shadow on precious metals.
The silver futures contract lost 1.64% on Monday, February 5, as it further extended its Friday’s sell-off of 1.9%. Silver sold off on strenghtening U.S. dollar and better-than-expected economic data releases. Last Monday, it extended a short-term uptrend and a rebound from the previous week’s low. On January 22, it was the lowest since mid-November, with the daily low at $22.04 that day.
Today silver is trading slightly lower, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% lower, as it is trading below the $22.50 level. What about the other precious metals? Gold is unchanged, platinum is 0.3% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s ISM Services PMI release has been higher than expected at 53.4. Today we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, February 6
- 10:00 a.m. Canada - Ivey PMI
- 12:00 p.m. U.S. - FOMC Member Mester Speech
- 12:45 p.m. Canada - BOC Governor Macklem Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, February 7
- 8:30 a.m. U.S. - Trade Balance
- 11:00 a.m. U.S. - FOMC Member Kugler Speech
- 12:30 p.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Member Bowman Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- 8:30 p.m. China - CPI y/y, PPI y/y
Paul Rejczak
Stock Trading Strategist