Silver extends its yesterday’s advance ahead of economic data, Fed.
The silver futures contract gained 2.36% on Tuesday, July 30, as it broke above the recent trading range following gold price advances on economic data, stock market’s fluctuations. Last Thursday, silver lost 4.6%, accelerating its sell-off amid a rout in gold prices. Recently, it has been fluctuating along the $29 level, and on Thursday, its daily low was at $27.56. In early July, it was rebounding from the $32 level despite a record-breaking rally in gold prices.
In May and June, silver was gradually declining from the May 20 new medium-term high of $32.75, and in late June, it was briefly below $29, before rebounding closer to $32 again.
Today, silver is extending its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading above the $28.75 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.7% higher and palladium is 2.3% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 100.3, and the JOLTS Job Openings release has also been higher at 8.18 million. Today, we will get a series of important economic data, including the ADP Non-Farm Employment Change at 8:15 a.m., and the FOMC Statement at 2:00 p.m., to be followed by the FOMC Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, July 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- Tentative, Japan - BOJ Press Conference
Thursday, August 1
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 9:45 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 7:30 a.m. U.K. - BOE Governor Bailey Speech
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist