Silver price remains near the $33 level; economic data in focus.
The silver futures contract lost 0.85% on Monday, March 10, as it continued its Friday’s decline of 1.6%. 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, 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 near the $33 level. What about the other precious metals? Gold is 0.6% higher, platinum is 1.6% higher and palladium is 1.4% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important JOLTS Job Openings release at 10:00 a.m. The markets will be also waiting for the key CPI announcement tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, March 12
- 4:45 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist