Silver is nearing $33, as weaker USD, data uncertainty push gold price higher.
The silver futures contract gained 0.22% on Tuesday, March 4, as it slightly extended its recent advances following a run-up in gold prices on geopolitics, stock markets’ uncertainty, weaker USD. Recently, 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 resuming its short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.7% higher, as it is trading near the $33 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.5% higher and palladium is 0.2% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get key economic data: the ADP Non-Farm Employment Change at 8:15 a.m. and the ISM Services PMI number at 10:00 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).
Wednesday, March 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 2:00 p.m. U.S. - Beige Book
Thursday, March 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
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 3:30 p.m. U.S. - FOMC Member Waller Speech
- 7:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day, Eurozone - Euro Summit
Paul Rejczak
Stock Trading Strategist