Daily Silver News: March 8 – Silver Advancing Ahead of Jobs Data

Silver price extends its uptrend, nearing the $25 level.

The silver futures contract gained 0.35% on Thursday, March 7, as it extended its short-term rally following another record-breaking advance in gold prices. It remains relatively weaker than the yellow metal, trading below local highs from mid-December and way below the December 4 local high of over $26.

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 higher and closer to the $25 level, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: March 8 – Silver Advancing Ahead of Jobs Data - Image 1

The silver price is 0.6% higher, as it is trading along the $24.70 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.1% lower and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been as expected at 217,000. Today, we will get the important monthly jobs data 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, 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

Monday, March 11

  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist