Silver retraced its recent advances; FOMC announcement in focus.
The silver futures contract lost 1.90% on Tuesday, October 31 as it retraced its Monday’s rally of 2.2% following strengthening U.S. dollar, among other factors. It came back slightly below the $23 level yesterday. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and on Friday, October 20 it traded as high as $23.9.
Today silver is trading lower as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% lower as it is below the $22.80 level. What about the other precious metals? Gold is 0.1% lower platinum is 1.4% lower and palladium is 0.1% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 102.6. Today we will get series of economic data releases, including ADP Non-Farm Employment Change, ISM Manufacturing PMI, JOLTS Job Openings. But the most important event today will be the FOMC Interest Rate Decision at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, November 1
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day, U.S. - Wards Total Vehicle Sales
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Thursday, November 2
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. U.S. - Factory Orders m/m
- 9:45 p.m. China - Caixin Services PMI
- All Day, Japan – Bank Holiday
Paul Rejczak
Stock Trading Strategist