Daily Silver News: November 6 – Silver Price Extends a Consolidation

Silver is above $23 again after Friday’s economic data, weaker USD.

The silver futures contract gained 1.92% on Friday, November 3 as it went back above $23 level following weaker-than-expected U.S. monthly jobs data release. Recently silver fell on strengthening U.S. dollar, interest rate uncertainty. It was as low as $22.65 before bouncing after the FOMC release. On October 4 silver price reached new medium-term low of $20.85 and it was the lowest since early March, and on Friday October 20 it traded as high as $23.9.

Today silver is trading along its Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: November 6 – Silver Price Extends a Consolidation - Image 1

The silver price is 0.1% higher as it is trading slightly below the $23.30 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.1% lower and palladium is 0.5% higher. So the main precious metals’ prices are mixed this morning.

Friday’s Nonfarm Payrolls release has been slightly lower than expected at +150,000. Today we won’t get any new important economic data.

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

Monday, November 6

  • 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
  • Tentative, U.S. - Loan Officer Survey

Tuesday, November 7

  • 9:15 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - FOMC Member Waller Speech
  • 1:25 p.m. U.S. - FOMC Member Logan Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m
  • Tentative, U.S. - IBD/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist