Silver extends its Friday’s decline, following gold and global markets.
The silver futures contract lost 0.55% on Tuesday, January 2, as it fluctuated following its Friday’s decline of 1.2%. On Friday, silver broke below the recent trading range after another drop in gold price. Recently, it was trading sideways after the December 13 FOMC Statement release and a rally of over 6%, and on Friday it retraced more of that advance after breaking below $24 level.
Before the Fed’s announcement, it was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.
Today silver is breaking below its Friday’s local low, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.9% lower as it is trading below $24 level again. What about the other precious metals? Gold is 1.0% lower, platinum is unchanged and palladium is 0.5% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s Final Manufacturing PMI release has been slightly lower than expected at 47.9. Today we will get a series of important economic data - the ISM Manufacturing PMI, JOLTS Job Openings, and the FOMC Meeting Minutes, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, January 3
- 8:30 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 8:45 p.m. China - Caixin Services PMI
- All Day, U.S. - Wards Total Vehicle Sales
Thursday, January 4
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Services PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist