Daily Silver News: July 2 – Silver: More Consolidation Below $30

Silver price remains below $30; more data nad Powell’s speech in focus.

The silver futures contract gained 0.18% on Monday, July 2, as it fluctuated following a slight 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 trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: July 2 – Silver: More Consolidation Below $30 - Image 1

The silver price is unchanged, as it is trading above the $29.60 level. What about the other precious metals? Gold is 0.2% lower, platinum is 0.7% higher and palladium is 0.8% higher. So, the main precious metals’ prices are mixed this morning.

Yesterday’s ISM Manufacturing PMI release has been lower than expected at 48.5. Today, we will get the JOLTS Job Openings release at 10:00 a.m. There will also be a speech from the Fed Chair Powell at 9:30 a.m.

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

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

Wednesday, July 3

  • 6:30 a.m. U.S. - FOMC Member Williams Speech
  • 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, Trade Balance
  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
  • 10:15 a.m. Eurozone - ECB President Lagarde Speech
  • 2:00 p.m. U.S. - FOMC Meeting Minutes

Paul Rejczak
Stock Trading Strategist