Silver price is at the $31 level again, extending its consolidation.
The silver futures contract gained 0.01% on Wednesday, January 8, as it fluctuated after its last week’s rebound. 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 along its recent local highs, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading at the $31 level. What about the other precious metals? Gold is 0.6% higher, platinum is 0.1% lower and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +122,000. Today, we will have speeches from the FOMC Members. Volatility is likely to decline as the stock market will be closed in honor of Jimmy Carter.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 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
Friday, January 10
- 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
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist