Daily Silver News: November 29 – Silver Gaining Again

Silver price is above the $31 level again, extending short-term fluctuations.

The silver futures contract gained 0.45% on Thursday, November 28, as it extended a short-term consolidation amid the Thanksgiving holiday in the U.S. Recently, it fluctuated following its Monday’s sell-off of 3.5%. On Monday, silver sold off in a reaction to gold prices move on news about a potential Israel-Lebanon ceasefire deal. Yesterday, silver was as low as $30.02, retracing more of its recent rebound and extending a consolidation following post-election downtrend. On November 14, it was the lowest since mid-September, before rebounding and breaking above the $30 level.

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 gaining and moving higher within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: November 29 – Silver Gaining Again - Image 1

The silver price is 1.7% higher, as it is trading along the $31.20 level. What about the other precious metals? Gold is 0.7% higher, platinum is 1.0% higher and palladium is 0.5% higher. So, the main precious metals’ prices are higher this morning.

Today, we won’t get any new important economic data.

Friday’s Flash Manufacturing PMI release has been as expected at 48.8, and the Flash Services PMI number has been higher than expected at 57.0. Today, we won’t get any new economic data. The markets will be waiting for the CB Consumer Confidence release tomorrow.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Friday, November 29

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 6:00 a.m. U.K. - BOE Governor Bailey Speech
  • 8:30 a.m. Canada - GDP m/m
  • 8:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI

Monday, December 2

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • 3:15 p.m. U.S. - FOMC Member Waller Speech
  • 4:30 p.m. U.S. - FOMC Member Williams Speech

Paul Rejczak
Stock Trading Strategist