Silver remains relatively weaker than gold; Powell’s testimony in focus.
The silver futures contract lost 0.03% on Tuesday, March 5, as it retraced its intraday advance after rebounding from a new local high of $24.45. Silver price kept extending the rally following advances in gold price, but yesterday, it was relatively weaker than the yellow metal.
Last week, silver was trading within 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 virtually flat, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher, as it is trading along the $24 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.8% higher and palladium is 1.4% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ISM Services PMI release has been slightly lower than expected at 52.6. Today, we will get the JOLTS Job Openings release at 10:00 a.m., among others. The markets are waiting for the important Fed Chair Powell’s Testimony at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, March 7
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 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. - Fed Chair Powell Testimony
- 11:30 a.m. U.S. - FOMC Member Mester Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist