Silver price breaks above the $24 level as gold rallies above $2,100.
The silver futures contract gained 2.68% on Monday, March 4, as it extended its Friday’s rally of 2.1% following further advances in gold, 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 higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% higher, as it is trading above the $24 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.5% lower and palladium is 2.0% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get the ISM Services PMI release at 10:00 a.m., among others. The markets will be waiting for tomorrow’s and 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).
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
Wednesday, March 6
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, JOLTS Job Openings, Final Wholesale Inventories m/m
- 12:00 p.m. U.S. - FOMC Member Daly Speech
- 2:00 p.m. U.S. - Beige Book
Paul Rejczak
Stock Trading Strategist