Daily Silver News: June 7 – Silver Retracing Yesterday’s Advance

Silver price is closer to the $30 level again; monthly jobs data in focus.

The silver futures contract gained 4.30% on Thursday, June 6, as it rebounded following its recent declines below the $30 level. The market was as high as around $31.50 yesterday in a reaction to the stock market advance, weaker U.S. dollar, among other factors. On Monday, silver fluctuated following its last Thursday and Friday sell-off, and on Tuesday, 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 retracing a large part of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: June 7 – Silver Retracing Yesterday’s Advance - Image 1

The silver price is 3.0% lower, as it is trading along the $30.50 level. What about the other precious metals? Gold is 1.6% lower, platinum is 1.9% lower and palladium is 1.8% lower. So, the main precious metals’ prices are lower this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 229,000. 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, June 7

  • 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. U.S. - Final Wholesale Inventories m/m

Monday, June 10

  • No important economic data

Paul Rejczak
Stock Trading Strategist