Daily Silver News: February 9 – Silver Price Extends Consolidation

Silver bounced from new local low; it’s trading above $22.50

The silver futures contract gained 1.23% on Thursday, February 8, as it bounced from the new local low of $22.19, extending a short-term consolidation 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 slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: February 9 – Silver Price Extends Consolidation - Image 1

The silver price is 0.4% higher, as it is trading along the $22.70 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.8% lower and palladium is 0.2% higher. So the main precious metals’ prices are mixed again this morning.

Yesterday’s Unemployment Claims release has been slightly lower than expected at 218,000. Today, we won’t get any new important economic data.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Friday, February 9

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

Monday, February 12

  • 1:00 p.m. U.K. - BOE Governor Bailey Speech
  • 2:00 p.m. U.S. - Federal Budget Balance
  • All Day, Eurozone - Eurogroup Meetings
  • All Day, China – Bank Holiday

Paul Rejczak
Stock Trading Strategist