Silver price is at a new local low as markets await tomorrow’s data.
The silver futures contract gained 1.47% on Monday, June 10, as it rebounded after its Friday’s sell-off of 6.1%. On Friday, it sold off following jobs data, stronger U.S. dollar. Last Thursday, silver gained over 4%,and on Friday, it retraced the whole advance, breaking below the $30 level.
On Monday, May 20, silver reached a new long-term high of $32.75. In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is trading at a new local low after retracing yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.9% lower, as it is trading along the $29.30 level. What about the other precious metals? Gold is 0.2% lower, platinum is 1.9% lower and palladium is 2.0% lower. So, the main precious metals’ prices are lower this morning.
The markets will be waiting for the important CPI number and the FOMC release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, June 11
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 6:00 a.m. U.S. - NFIB Small Business Index
- 1:01 p.m. U.S. - 10-y Bond Auction
- 9:30 p.m. China - CPI y/y, PPI y/y
Wednesday, June 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement, Federal Budget Balance
- 2:30 p.m. U.S. - FOMC Press Conference
- 3:15 p.m. Canada - BOC Governor Macklem Speech
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist