Daily Silver News: January 5 – Silver Trades Above $23

Silver price remains unchanged, as markets await important jobs data.

The silver futures contract gained 0.13% on Thursday, January 4, as it fluctuated along the $23 level following its Wednesday’s sell-off of 3.3%. On Wednesday it sold off after a breakdown in gold price on strengthening U.S. dollar and declining stock markets. Recently, it was trading sideways following 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 5 – Silver Trades Above $23 - Image 1

The silver price is unchanged, as it is trading along $23.20 level again. What about the other precious metals? Gold is 0.1% lower, platinum is 1.1% lower and palladium is 1.2% lower. So the main precious metals’ prices are virtually flat this morning.

Yesterday’s important ADP Non-Farm Employment Change has been higher than expected at +164,000. Today we will get the monthly jobs data release at 8:30 a.m., which is likely to cause increased volatility in the markets.

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

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

Monday, January 8

  • 3:00 p.m. U.S. - Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist