Silver continues sideways ahead of the ADP employment data.
The silver futures contract gained 0.90% on Tuesday, October 1, as it fluctuated along the $32 level following a pullback in gold prices. Last week, silver retreated from its Thursday’s local high of $33.02. On Thursday, silver was the highest since December of 2012. Last Tuesday, it broke above $32 following record-breaking advance in gold.
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 slightly rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading along the the $31.70 level. What about the other precious metals? Gold is 0.7% lower, platinum is 0.1% higher and palladium is 0.4% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS Job Openings release has been higher than expected at 8.04 million. Today, we will get the important ADP Non-Farm Employment Change release at 8:15 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, October 2
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:00 a.m. U.S. - FOMC Member Hammack Speech
- 10:05 a.m. U.S. - FOMC Member Musalem Speech
- 11:00 a.m. U.S. - FOMC Member Bowman Speech
- 12:15 a.m. U.S. - FOMC Member Barkin Speech
- All Day - OPEC-JMMC Meetings
- All Day, China – Bank Holiday
Thursday, October 3
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 10:40 a.m. U.S. - FOMC Member Bostic Speech
- All Day, Eurozone – German Bank Holiday
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist