Silver followed fake rally in gold yesterday and today it extends the decline.
The silver futures contract lost 3.67% on Monday, December 4 after rallying on gold’s short squeeze and reaching new medium-term high of $26.34. The market has quickly reversed its overnight rally and continued lower throughout the day. Silver retraced some of its last week’s rally and it closed below $25 mark yesterday. Recently it retraced all of its November declines following lower-than-expected Consumer Price Index release. On November 13 silver bounced from new local low of $21.92.
Today silver is extending its yesterday’s intraday sell-off as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.0% lower as it is trading along $24.70 level. What about the other precious metals? Gold is 0.1% lower, platinum is 1.6% lower and palladium is 1.3% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s Factory Orders release has been lower than expected at -3.6%. Today we will get the important ISM Services PMI and JOLTS Job Openings releases at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
- 7:30 p.m. Australia - GDP q/q
Wednesday, December 6
- 6:00 a.m. U.K. - BOE Governor Bailey Speech
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
- 10:00 a.m. Canada - BOC Rate Statement, Overnight Rate, Ivey PMI
Paul Rejczak
Stock Trading Strategist