Silver extends its yesterday’s rebound; more economic data in focus.
The silver futures contract gained 1.54% on Wednesday, June 5, as it rebounded after the Tuesday’s sell-off of 3.8% on advancing gold prices, weaker U.S. dollar. On Monday, silver fluctuated following its last Thursday and Friday sell-off, and on Tuesday, it was the lowest since May 15.
Earlier, 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. 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 extending a rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.2% higher, as it is trading above the $30.40 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.3% higher 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 +152,000. Today, we will get the monetary policy update from the European Central Bank at 8:15 a.m., and the Unemployment Claims release at 8:20 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).
Thursday, June 6
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
- 8:45 a.m. Eurozone - ECB Press Conference
Friday, June 7
- 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. - Final Wholesale Inventories m/m
Paul Rejczak
Stock Trading Strategist