Daily Silver News: March 7 – Silver Remains Above $24

Silver is still relatively weaker than gold; more economic data in focus.

The silver futures contract gained 2.12% on Wednesday, March 6, as it retraced its Tuesday’s intraday decline, breaking above that day’s intraday high of $24.45. Silver reached a new local high of $24.53 following record-breaking rally in gold prices. However, it remains relatively weaker than the yellow metal.

Last week, silver was trading within a short-term consolidation below the $23 level, and on Friday, it broke above that level. On February 14, it dipped slightly below the January 22 local low of around $22, and it was the lowest since mid-November.

Today silver is trading slightly lower, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: March 7 – Silver Remains Above $24 - Image 1

The silver price is 0.5% lower, as it is trading along the $24.40 level. What about the other precious metals? Gold is 0.3% higher, platinum is 1.0% higher and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s JOLTS Job Openings release has been basically as expected at 8.86 million. Today, we will get the Unemployment Claims number and the ECB Rate Decision, among others. The markets are waiting for the second part of the Fed Chair Powell’s Testimony at 10:00 a.m.

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

Thursday, March 7

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 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
  • 10:00 a.m. U.S. - Fed Chair Powell Testimony
  • 11:30 a.m. U.S. - FOMC Member Mester Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m

Friday, March 8

  • 7:00 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
  • 8:30 p.m. China - CPI y/y, PPI y/y

Paul Rejczak
Stock Trading Strategist