Silver price remains near $33 as markets await more economic data this week.
The silver futures contract lost 1.59% on Friday, March 7, as it retraced its Thursday’s advance on gold price consolidation, markets’ uncertainty. Recently, the market kept advancing following a run-up in gold prices, and a weaker USD. Earlier, silver has been pulling back despite gold moving sideways in a consolidation. On February 14, it was the highest since late October. On January 27, silver rebounded from a local low of around $30.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is rebounding slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher, as it is trading slightly below the $33 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.2% higher and palladium is 0.2% lower. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been slightly lower than expected at +151,000. Today, we won’t get any new important data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 10
- All Day, Eurozone - Eurogroup Meetings
Tuesday, March 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - JOLTS Job Openings
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist