Silver price sold off below $30 on Friday; markets await important data this week.
The silver futures contract lost 6.14% on Friday, June 7, as it sold off following jobs data, stronger U.S. dollar. On Thursday, silver gained over 4%,and on Friday, it retraced the whole advance, breaking below the $30 level. On Friday, silver was the lowest since mid-May.
On Monday, May 20, silver reached a new long-term high of $32.75. In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is rebounding closer to the $30 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.3% higher, as it is trading along the $29.80 level. What about the other precious metals? Gold is 0.4% lower, platinum is 0.3% higher and palladium is 0.7% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +272,000, and the Unemployment Rate has also been higher than expected at 4.0%. Today, we won’t get any new important economic data; the markets will be waiting for the important CPI number and the FOMC release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, June 10
- No important economic data
Tuesday, June 11
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 6:00 a.m. U.S. - NFIB Small Business Index
- 1:01 p.m. U.S. - 10-y Bond Auction
- 9:30 p.m. China - CPI y/y, PPI y/y
Paul Rejczak
Stock Trading Strategist