Daily Silver News: February 5 – Silver Is Lower Again

Silver price extends its short-term downtrend, following gold and strong USD.

The silver futures contract lost 1.89% on Friday, February 2, as it retraced its Thursday’s intraday bounce following monthly jobs data, strong U.S. dollar. Last Monday, it extended a short-term uptrend and a rebound from the previous week’s low. On January 22, it was the lowest since mid-November, with the daily low at $22.04 that day.

Today silver is trading lower again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: February 5 – Silver Is Lower Again - Image 1

The silver price is 1.1% lower, as it is trading close to the $22.50 level. What about the other precious metals? Gold is 0.5% lower, platinum is 0.6% higher and palladium is 1.3% lower. So the main precious metals’ prices are lower this morning.

Friday’s Nonfarm Payrolls release has been much higher than expected at +353,000, and the Unemployment rate has been lower than expected at 3.7%. Today, we will get the ISM Services PMI release 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).

Monday, February 5

  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI
  • 2:00 p.m. U.S. - FOMC Member Bostic Speech, Loan Officer Survey
  • 10:30 p.m. Australia - Cash Rate, RBA Rate Statement, RBA Monetary Policy Statement
  • 11:30 p.m. Australia - RBA Press Conference

Tuesday, February 6

  • 10:00 a.m. Canada - Ivey PMI
  • 12:00 p.m. U.S. - FOMC Member Mester Speech
  • 12:45 p.m. Canada - BOC Governor Macklem Speech
  • Tentative, U.S. - RCM/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist