Daily Silver News: December 8 – Silver Trades Along its Local Low

Silver price is slightly above $24 mark; investors await jobs data.

The silver futures contract lost 0.70% on Thursday, December 7 as it further 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 and it went briefly below $24 level. 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 along yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: December 8 – Silver Trades Along its Local Low - Image 1

The silver price is 0.2% higher as it is trading slightly above $24. What about the other precious metals? Gold is unchanged, platinum is 1.7% higher and palladium is 0.2% higher. So the main precious metals’ prices are virtually flat again this morning.

Yesterday’s Unemployment Claims release has been as expected at 220,000. Today we will get the important monthly jobs data 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).

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

Monday, December 11

  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 5:20 p.m. Australia - RBA Governor Bullock Speech

Paul Rejczak
Stock Trading Strategist