Silver extended its downtrend, it remains relatively weaker than gold.
The silver futures contract lost 1.30% on Wednesday, December 6 as it extended its short-term downtrend following Monday’s downward reversal on an overnight short squeeze price action in gold price. Silver retraced more of its recent advances yesterday. In previous weeks it retraced all of November’s 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):
The silver price is 0.1% lower as it is trading along $24.20 level. What about the other precious metals? Gold is unchanged, platinum is 0.5% higher and palladium is 1.8% higher. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +103,000. Today we will get the Unemployment Claims release at 8:30 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, 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
Friday, December 8
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 8:30 p.m. China - CPI y/y, PPI y/y
- All Day, Eurozone - ECOFIN Meetings
- All Day, Eurozone - Italian Bank Holiday
Paul Rejczak
Stock Trading Strategist