Daily Silver News: December 6 – Silver Price Goes Sideways

Silver continues to trade below $25 as markets await more economic data.

The silver futures contract lost 1.45% on Tuesday, December 5 as it extended its Monday’s downward reversal following an overnight short squeeze price action in gold price. Silver retraced more of its last week’s rally 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 trading sideways as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: December 6 – Silver Price Goes Sideways - Image 1

The silver price is 0.3% lower as it is trading along $24.50 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.6% higher and palladium is 1.2% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s ISM Services PMI release has been slightly higher than expected at 52.7 and the JOLTS Job Openings release has been much lower than expected at 8.73 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).

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

Thursday, December 7

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:30 a.m. U.S. - Unemployment Claims
  • 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