Daily Silver News: June 5 – Silver Extended Declines

Silver price is below 30$ as markets await key economic data.

The silver futures contract lost 3.79% on Tuesday, June 4, as it extended its recent declines after breaking the $30 level. On Monday, silver fluctuated following its last Thursday and Friday sell-off, but yesterday, it was the lowest since May 15.

Earlier, it reacted negatively to the stock market’s pullback, along with declining gold prices and strengthening U.S. dollar. 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 basically going sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: June 5 – Silver Extended Declines - Image 1

The silver price is 0.3% higher, as it is trading along the $29.70 level. What about the other precious metals? Gold is also 0.3% higher, platinum is 0.4% lower and palladium is 1.6% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s JOLTS Job Openings release has been lower than expected at 8.06 million. Today, we will get the ADP Non-Farm Employment Change number at 8:15 a.m., and the ISM Services PMI release 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).

Wednesday, June 5

  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. - Final Services PMI
  • 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
  • 10:00 a.m. U.S. - ISM Services PMI
  • 10:30 a.m. Canada - BOC Press Conference

Thursday, June 6

  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 8:45 a.m. Eurozone - ECB Press Conference

Paul Rejczak
Stock Trading Strategist