Silver is selling off towards $30; more economic data in focus.
The silver futures contract gained 1.13% on Monday, June 3, as it fluctuated following its last Thursday and Friday sell-off. On Thursday, silver lost 2.7%, and on Friday, it dipped by another 3.5%, nearing the $30 level.
Recently, it reacted negatively to the stock market’s pullback, along with declining gold prices and strengthening U.S. dollar. On Monday, May 20, silver reached a new long-term high of $32.75, extending advances after breaking above the $30 level.
In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high of $29.91. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is breaking slightly below the $30 level again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 3.2% lower, as it is trading at a new local low. What about the other precious metals? Gold is 0.9% lower, platinum is 1.4% lower and palladium is 1.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 48.7. Today, we will get the important JOLTS Job Openings number at 10:00 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).
Tuesday, June 4
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 9:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, June 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - ISM Services PMI
- 10:30 a.m. Canada - BOC Press Conference
Paul Rejczak
Stock Trading Strategist