Silver is rebounding from its recent declines; markets await employment data.
The silver futures contract lost 0.58% on Tuesday, December 31, as it slightly extended its short-term downtrend despite a rebound in gold prices. On Monday, it broke below the $30 level, and on Tuesday, it traded as low as $29.20. On the previous Thursday, silver was the lowest since mid-September as markets reacted to the Wednesday’s Fed release.
In late October, silver reversed the uptrend, selling off from the October 22-23 new long-term high of $35.07. The market was the highest since 2012.
Today, silver is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.8% higher, as it is trading along the $29.80 level. What about the other precious metals? Gold is 0.6% higher, platinum is 1.2% higher and palladium is 0.1% higher. So, the main precious metals’ prices are higher this morning.
Today, the markets 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).
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - Construction Spending m/m
- All Day, Japan – Bank Holiday
Friday, January 3
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices
- 11:00 a.m. U.S. - FOMC Member Barkin Speech
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist