Daily Silver News: July 1 – Silver Keeps Extending a Consolidation

Silver price is still going sideways, remaining below the $30 level.

The silver futures contract gained 1.04% on Friday, June 28, as it extended a rebound from the last Tuesday’s local low of $28.86. Last Tuesday, the market broke the recent lows following the previous Friday’s sell-off of almost 4%, gold’s reversal. Recently, it was gradually declining from the May 20 new medium-term high of $32.75.

Today, silver is basically going sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: July 1 – Silver Keeps Extending a Consolidation - Image 1

The silver price is 0.1% lower, as it is trading along the $29.50 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.5% lower and palladium is 1.7% higher. So, the main precious metals’ prices are mixed this morning.

Friday’s Core PCE Price Index release has been as expected at +0.1% m/m. Today, we will get the ISM Manufacturing PMI number at 10:00 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).

Monday, July 1

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • 3:00 p.m. Eurozone - ECB President Lagarde Speech
  • All Day, Eurozone - German Preliminary CPI m/m
  • All Day, Canada - Bank Holiday

Tuesday, July 2

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 9:30 a.m. U.S. - Fed Chair Powell Speech
  • 9:30 a.m. Eurozone - ECB President Lagarde Speech
  • 10:00 a.m. U.S. - JOLTS Job Openings
  • Tentative, U.S. - RCM/TIPP Economic Optimism
  • All Day, U.S. - Wards Total Vehicle Sales

Paul Rejczak
Stock Trading Strategist