Silver price remains near the $32 level; economic data, geopolitics in focus.
The silver futures contract gained 0.56% on Wednesday, October 2, as it continued to fluctuate along the $32 level. 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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading along the the $31.80 level. What about the other precious metals? Gold is 0.1% 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).
- 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
Friday, October 4
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate,
- Average Hourly Earnings m/m
- 9:00 a.m. U.S. - FOMC Member Williams Speech
- 10:00 a.m. Canada - Ivey PMI
Paul Rejczak
Stock Trading Strategist