Silver extends its short-term downtrend despite bouncing gold price.
The silver futures contract gained 0.25% on Tuesday, February 6, as it fluctuated following its recent sell-off. On Monday, the market lost 1.64%, following Friday’s decline of 1.9%. Silver sold off on strenghtening U.S. dollar and better-than-expected economic data releases. 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 along a new local low, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower, as it is trading below the $22.40 level. What about the other precious metals? Gold is 0.1% lower, platinum is 1.1% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower this morning.
Today we will have speeches from the FOMC Members and the outcome of the 10-y Bond Auction at 1:01 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, February 7
- 8:30 a.m. U.S. - Trade Balance
- 11:00 a.m. U.S. - FOMC Member Kugler Speech
- 12:30 p.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Member Bowman Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- 8:30 p.m. China - CPI y/y, PPI y/y
Thursday, February 8
- 8:30 a.m. U.S. - Unemployment Claims, FOMC Member Barkin Speech
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 12:05 p.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 5:30 p.m. Australia - RBA Governor Bullock Speech
- Tentative, U.S. - Mortgage Delinquencies
Paul Rejczak
Stock Trading Strategist