Silver price is breaking the $29 level again; economic data in focus.
The silver futures contract gained 0.75% on Wednesday, September 4, as it rebounded following its recent declines and Monday’s sell-off of 2.7%. Last Friday, silver pulled back 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 retracing more of its recent declines, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.8% higher, as it is trading above the $29 level. What about the other precious metals? Gold is 0.8% higher, platinum is 2.2% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7.67 million. Today, we will get the important ADP Non-Farm Employment Change release at 8:15 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).
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
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 8:45 a.m. U.S. - FOMC Member Williams Speech
- 10:00 a.m. Canada - Ivey PMI
- 11:00 a.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist