Silver price fluctuates above $32 as marketrs await jobs data release.
The silver futures contract gained 1.70% on Thursday, October 3, as it moved closer to its recent local highs following a rebound in gold prices. Last week, silver retreated from the 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 extending a consolidation, 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 $32.30 level. What about the other precious metals? Gold is unchanged, platinum is 0.9% higher and palladium is 0.1% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ADP Unemployment Claims release has been slightly higher than expected at 225,000. Today, we will get the important monthly jobs data release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, October 7
- 1:50 p.m. U.S. - FOMC Member Kashkari Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- 6:30 p.m. U.S. - FOMC Member Musalem Speech
Paul Rejczak
Stock Trading Strategist