Silver price backs off after breaking higher as markets await Powell, CPI this week.
The silver futures contract gained 2.75% on Friday, July 5, as it extended its Wednesday’s rally of almost 4% after breaking above the $31 level. Last Wednesday, it followed an advance in gold prices amid stock market’s strength and USD weakness.
Recently, silver was gradually declining from the May 20 new medium-term high of $32.75, and on previous week, it approached its June 13 local low of $28.73, before rebounding back above $30.
Today, silver is rebounding from its Friday’s local high, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.1% lower, as it is trading along the $31.30 level. What about the other precious metals? Gold is 0.6% lower, platinum is 1.4% lower and palladium is 1.7% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +206,000 m/m. Today, we will get the Consumer Credit release at 3:00 p.m., but the markets will be waiting for the Fed Chair Powell Testimony tomorrow and on Wednesday, and the important CPI release on Friday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, July 8
- 3:00 p.m. U.S. - Consumer Credit m/m
Tuesday, July 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- 9:15 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, Treasury Secretary Yellen Speech
- 1:30 p.m. U.S. - FOMC Member Bowman Speech
- 9:30 p.m. China - CPI y/y, PPI y/y
Paul Rejczak
Stock Trading Strategist