Silver price is rebounding from $28 again; more economic data in focus.
The silver futures contract lost 3.15% on Friday, September 6, as it sold off following a retreat in gold prices in a reaction to the monthly jobs data. Silver was the lowest since mid-August on Friday. Two weeks ago, it pulled back from the $30 level, and last Wednesday, it approached the $28 level.
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 some of its Friday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% higher, as it is trading slightly below the $28.50 level. What about the other precious metals? Gold is unchanged, platinum is 2.1% higher and palladium is 1.2% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been lower than expected at +142,000. Today, we will get the Final Wholesale Inventories 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).
Monday, September 9
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 3:00 p.m. U.S. - Consumer Credit m/m
Tuesday, September 10
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:10 a.m. Canada - BOC Governor Macklem Speech
- 10:00 a.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist