Silver remains near the $33 level; ECB decision, jobs data in focus.
The silver futures contract gained 2.33% on Wednesday, March 5, as it extended its short-term uptrend following the recent run-up in gold prices on geopolitics, stock markets’ uncertainty, and a 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 retracing some of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading along the $33 level. What about the other precious metals? Gold is 0.5% lower, platinum is 0.4% lower and palladium is 1.0% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +77,000. Today, we will get the Unemployment Claims release at 8:30 a.m., and the ECB Interest Rate Decision at 8:15 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).
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
Friday, March 7
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate, Capacity Utilization Rate
- 10:15 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
- 12:20 p.m. U.S. - FOMC Member Kugler Speech
- 12:30 p.m. U.S. - Fed Chair Powell Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist