Daily Silver News: January 8 – Silver Extends Its Consolidation
Silver price remains below $31 level as investors brace for more economic data.
The silver futures contract gained 0.34% on Tuesday, January 7, as it slightly extended its recent advances, nearing the $31 level again. 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 basically moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading along the $30.60 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.3% higher and palladium is 0.1% higher. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s ISM Services PMI release has been higher than expected at 54.1 and the JOLTS Job Openings release has been higher than expected at 8.10 million. Today, we will get the ADP Non-Farm Employment Change release at 8:15 a.m. and the Unemployment Claims at 8:30 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).
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
Thursday, January 9
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 9:00 a.m. U.S. - FOMC Member Harker Speech
- 12:40 p.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 1:30 p.m. U.S. - FOMC Member Schmid Speech
- 1:35 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist