Silver extends its consolidation; jobs data in focus.
The silver futures contract lost 1.06% on Thursday, February 6, as it retraced its recent advance, extending a consolidation. Silver remained relatively weaker than the record-breaking gold price. Last Monday, it was the lowest since early January, reaching a local low of $30.03, and on Tuesday, 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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher, as it is trading along the $32.70 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.4% higher and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 219,000. Today, we will get the key monthly jobs data at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, February 7
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:25 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Final Wholesale Inventories m/m
- 12:00 p.m. U.S. - FOMC Member Kugler Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Monday, February 10
- Tentative, U.S. - Cleveland Fed Inflation Expectations
- All Day, Japan - Bank Holiday
Paul Rejczak
Stock Trading Strategist