Daily Silver News: February 4 – Silver: More Uncertainty
Silver price remains above $32; more economic data in focus.
The silver futures contract gained 0.81% on Monday, February 3, as it retraced its Friday’s decline of 0.7% on gold’s volatility amid the U.S. tariff news on the weekend. Last Thursday, silver broke above its recent trading range following a record-breaking rally in gold prices. Last Monday, it was the lowest since early January, reaching a local low of $30.03.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is extending its consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% lower, as it continues to trade above the $32 level. What about the other precious metals? Gold is 0.5% lower, platinum is 0.6% lower and palladium is 2.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ISM Manufacturing PMI release has been higher than expected at 50.9. Today, we will get the JOLTS Job Openings 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).
Tuesday, February 4
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 11:00 a.m. U.S. - FOMC Member Bostic Speech
- 1:15 p.m. U.S. - FOMC Member Daly Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, February 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Trade Balance
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 1:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 3:00 p.m. U.S. - FOMC Member Bowman Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
Paul Rejczak
Stock Trading Strategist