Daily Silver News: July 5 – Silver Price Remains Near $31

Silver trades sideways ahead of the important monthly jobs data.

The silver futures contract lost 0.54% on Thursday, July 4, following its Wednesday’s rally of 3.99%, as it fluctuated after breaking above the $30 level. On Wednesday, it followed an advance in gold prices amid stock market’s strength and USD weakness.

Recently, silver was gradually declining from the May 20 new medium-term high of $32.75, and last week, it approached its June 13 local low of $28.73, before rebounding back above $30.

Today, silver is extending a consolidation near the $31 level, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: July 5 – Silver Price Remains Near $31 - Image 1

The silver price is 0.6% higher, as it is trading along the $30.90 level. What about the other precious metals? Gold is 0.3% higher, platinum is 1.0% lower and palladium is 1.4% higher. So, the main precious metals’ prices are higher this morning.

Today, we will get the important monthly jobs data release at 8:30 a.m.

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

Friday, July 5

  • 5:40 a.m. U.S. - FOMC Member Williams Speech
  • 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. Canada - Ivey PMI
  • 11:00 a.m. U.S. - Fed Monetary Policy Report
  • 1:15 p.m. Eurozone - ECB President Lagarde Speech

Monday, July 8

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

Paul Rejczak
Stock Trading Strategist