Silver price gets near the $31 level again; more economic data in focus.
The silver futures contract gained 1.72% on Monday, January 6, as it further extended its last week’s rebound, reaching a local high of almost $31. Last Monday, it broke below the $30 level, and on Tuesday, it traded as low as $29.20. On December 19, silver was the lowest since mid-September as markets reacted to the Wednesday’s Fed release.
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 closer to its yesterday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% higher, as it is trading along the $30.90 level. What about the other precious metals? Gold is 0.5% higher, platinum is 1.8% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important ISM Services PMI and JOLTS Job Openings numbers at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, January 7
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:00 a.m. U.S. - FOMC Member Barkin Speaks
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
- 7:30 p.m. Australia - CPI y/y
Wednesday, January 8
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims, FOMC Member Waller Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Paul Rejczak
Stock Trading Strategist