Daily Silver News: February 8 – Further Fluctuations Along the $22.50 Level

Silver price is trading sideways, remaining below $22.50

The silver futures contract lost 0.52% on Wednesday, February 7, as it slightly extended its short-term downtrend following Monday’s and Friday’s declines. Recently, 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):

Daily Silver News: February 8 – Further Fluctuations Along the $22.50 Level - Image 1

The silver price is 0.2% higher, as it is trading along the $22.40 level again. What about the other precious metals? Gold is 0.5% lower, platinum is 0.1% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.

Today, we will get the Unemployment Claims 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).

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

Friday, February 9

  • 8:30 a.m. Canada - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist