Silver price is pulling back despite new records in gold; markets await economic data.
The silver futures contract gained 1.29% on Tuesday, October 29, as it broke above its short-term trading range following a record-breaking run in gold prices. Last Wednesday, silver retreated from a new long-term high of $35.07. It was the highest since 2012. Earlier this month, silver has been going sideways despite new record highs in gold price.
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 retracing some of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower, as it is trading along the $34.30 level. What about the other precious metals? Gold is 0.4% lower, platinum is 1.7% lower and palladium is 2.1% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7.44 million. Today, we will get the important ADP Non-Farm Employment Change release at 8:15 a.m., and Advance GDP number at 8:30 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 30
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Advance GDP q/q, Advance GDP Price Index q/q
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Eurozone - German Preliminary CPI m/m
Thursday, October 31
- 6:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Employment Cost Index q/q, Unemployment Claims, Personal Income m/m, Personal Spending m/m
- 9:45 a.m. U.S. - Chicago PMI
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist