Silver price kept selling off yesterday; markets await economic data.
The silver futures contract lost 2.74% on Tuesday, September 3, as it accelerated its last week’s decline following a pull-back in gold prices. Last Friday, silver rebounded from the $30 level, on Monday, it broke $29, and yesterday, it approached the $28 level. Last week, silver 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 fluctuating after rebounding from the $28 level, 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 $28.20 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.4% lower and palladium is 1.0% lower. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 47.2. Today, we will get the important JOLTS Job Openings number 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).
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
Thursday, September 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
Paul Rejczak
Stock Trading Strategist