Silver price is still moving sideways; presidential elections in focus.
The silver futures contract lost 0.22% on Monday, November 4, as it moved sideways again. Last Thursday, silver sold off by 3.8% following a retreat in gold prices amid economic data, stock prices pullback. Recently, it kept moving sideways despite new records in gold price. On the previous Wednesday, it was the highest since 2012.
On August 8, silver rebounded from a new local low of $26.50; it was the lowest since early May after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% higher, as it is trading below the $32.80 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.1% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Factory Orders release has been slightly lower than expected at -0.5% month-over-month. Today, we will get the ISM Services PMI release 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).
Tuesday, November 5
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. U.S. - ISM Services PMI
- 1:01 p.m. U.S. - 10-y Bond Auction
- All Day, U.S. - Presidential Election, Congressional Elections
Wednesday, November 6
- 9:45 a.m. U.S. - Final Services PMI
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist