Silver price is gaining despite gold moving sideways; markets wait for more data.
The silver futures contract gained 0.55% on Friday, January 3, extending its Thursday’s rally of over 2% despite a consolidation in gold prices. Last Monday, it broke below the $30 level, and on Tuesday, it traded as low as $29.20. On December 19, 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 breaking higher, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.6% higher, as it is trading along the $30.80 level. What about the other precious metals? Gold is 0.1% higher, platinum is 1.3% higher and palladium is 2.0% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s ISM Manufacturing PMI release has been higher than expected at 49.3. Today, we will get the German Preliminary CPI release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, January 6
- 9:30 a.m. U.S. - FOMC Member Cook Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Eurozone - German Preliminary CPI m/m
Tuesday, January 7
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:00 a.m. U.S. - FOMC Member Barkin Speaks
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
- 7:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist