Daily Silver News: January 4 – Silver Price Broke Below $24

Silver sold off by more than 3%, and today, it’s going sideways.

The silver futures contract lost 3.32% on Wednesday, January 3, as it sold off following a breakdown in gold price on strengthening U.S. dollar and declining stock markets. Recently, it was trading sideways after the December 13 FOMC Statement release and a rally of over 6%, and on Friday it retraced more of that advance after breaking below $24 level.

Before the Fed’s announcement, it was extending the downtrend that started on December 4 after an overnight short squeeze price action in gold price.

Today silver is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: January 4 – Silver Price Broke Below $24 - Image 1

The silver price is unchanged, as it is trading below $23.20 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.4% lower and palladium is 0.3% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s important JOLTS Job Openings release has been lower than expected at 8.79 million. Today we will get the ADP Non-Farm Employment Change and Unemployment Claims numbers, among others.

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

Thursday, January 4

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Unemployment Claims
  • 9:45 a.m. U.S. - Final Services PMI
  • All Day, Eurozone - German Preliminary CPI m/m

Friday, January 5

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, PPI m/m
  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
  • 10:00 a.m. Canada - Ivey PMI
  • 1:30 p.m. U.S. - FOMC Member Barkin Speech

Paul Rejczak
Stock Trading Strategist