Silver price remains slightly above $33 as markets await jobs data, Powell.
The silver futures contract gained 0.62% on Thursday, March 6, as it extended its short-term rebound, remaining above the $33 level. The market kept advancing following the recent run-up in gold prices on geopolitics, stock markets’ uncertainty, and a weaker USD. Earlier, 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 trading within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% lower, as it is trading along the $33 level. What about the other precious metals? Gold is unchanged, platinum is unchanged, and palladium is unchanged. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 221,000. Today, we will get the important monthly jobs data at 8:30 a.m. and a speech from the Fed Chair Powell at 12:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, March 10
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist