Silver price rallied on Friday, it’s closer to mid February highs again.
The silver futures contract gained 2.09% on Friday, March 1, as it broke above the recent trading range following a rally in gold prices, caused by economic data and a weaker U.S. dollar.
Last week, silver was extending a short-term consolidation below the $23 level, and on Friday, it broke above that level. On February 14, it dipped slightly below the January 22 local low of around $22, and it was the lowest since mid-November.
Today silver is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% lower, as it is trading along the $23.30 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.6% higher and palladium is 0.4% higher. So, the main precious metals’ prices are slightly lower this morning.
Friday’s ISM Manufacturing PMI release has been worse than expected at 47.8, and the Revised UoM Consumer Sentiment release has also been lower than expected at 76.9. Today, we won’t get any new important economic data. The markets will be waiting for tomorrow’s ISM Services PMI number and Wednesday’s-Thursday’s testimony from the Fed Chair Powell.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 4
- 8:45 p.m. China - Caixin Services PMI
- 11:00 p.m. Japan - BOJ Governor Ueda Speech
Tuesday, March 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 12:00 p.m. U.S. - FOMC Member Barr Speech
- 3:30 p.m. U.S. - FOMC Member Barr Speech
- 7:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist