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):
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