Silver price extends its short-term downtrend, breaking below $29.
The silver futures contract lost 0.76% on Monday, September 2, as it extended its Friday’s sell-off of 2.8% despite stable gold price on a long holiday weekend in the U.S. On Friday, silver rebounded from the $30 level, and on Monday, it broke the $29 level. Last week, it was extending a consolidation along $30.
On August 8, silver rebounded from a new local low of $26.50; it was the lowest since May 3 after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is further extending its declines, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.7% lower, as it is trading along the $28.70 level. What about the other precious metals? Gold is unchanged, platinum is 1.5% lower and palladium is 2.1% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important ISM Manufacturing PMI release at 10:00 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).
Tuesday, September 3
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 9:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, September 4
- 8:30 a.m. U.S. - Trade Balance
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 10:30 a.m. Canada - BOC Press Conference
- 2:00 p.m. U.S. - Beige Book
- 10:00 a.m. Australia - RBA Governor Bullock Speech
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist