Silver retraced recent declines; markets await jobs data.
The silver futures contract gained 1.90% on Thursday, September 5, as it retraced its recent sell-off following a rebound in gold prices, weaker U.S. dollar. Last Friday, silver pulled back from the $30 level, on Monday, it broke $29, and on Wednesday, 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 trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.3% higher, as it is trading along the $29.20 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.3% higher and palladium is 0.3% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s JOLTS ADP Non-Farm Employment Change release has been lower than expected at +99,000. Today, we will get the important monthly jobs data 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).
- 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
Monday, September 9
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist