Silver price rallied following Friday’s jobs data; today it’s going sideways.
The silver futures contract gained 3.35% on Friday, October 6 as it rallied after a better-than-expected monthly jobs data release. The market retraced some of its recent declines after bouncing from $21 price level. On Wednesday the market reached new medium-term low of $20.85. and it was the lowest since early March.
Today silver is trading slightly higher following a news about Israeli-Palestinian conflict as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% higher as it is trading closer to the $22 level. What about the other precious metals? Gold is 1.0% higher platinum is 0.9% higher and palladium is 0.5% lower. So the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been better than expected at +336,000. Today we won’t get any new important economic data. The markets will keep reacting on Israeli-Palestinian conflict.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 9
- 8:00 a.m. U.S. - FOMC Member Barr Speech
- 9:00 a.m. U.S. - FOMC Member Logan Speech
- 8:30 p.m. Australia - NAB Business Confidence
- All Day, U.S. – Bank Holiday
- All Day, Canada – Bank Holiday
Tuesday, October 10
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:30 p.m. U.S. - FOMC Member Waller Speech
- 3:00 p.m. U.S. - FOMC Member Kashkari Speech
- Tentative, Eurozone - ECB President Lagarde Speech
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist