Daily Silver News: October 2 – Silver Extends Losses

Silver price drops to $22 ahead of the Fed Chair Powell’s speech.

The silver futures contract lost 1.28% on Friday, September 29 as it retraced its intraday rally following economic data releases, strong U.S. dollar. On Friday silver broke below $22.50 level and it was the lowest since mid-August.

Today silver is further extending its sell-off as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: October 2 – Silver Extends Losses - Image 1

The silver price is 2.0% lower as it is trading along $22.00 level. What about the other precious metals? Gold is 0.4% lower platinum is 0.9% lower and palladium is 1.4% lower. So the main precious metals’ prices are lower again this morning.

Friday’s Core PCE Price Index release has been slightly lower than expected at +0.2% m/m. Today we will get the ISM Manufacturing PMI release at 10:00 a.m. There will also be a speech from the Fed Chair Powell at 11:00 a.m.

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

Monday, October 2

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • 11:00 a.m. U.S. - Fed Chair Powell Speech, FOMC Member Harker Speech
  • 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
  • All Day, Canada – Bank Holiday
  • All Day, China – Bank Holiday

Tuesday, October 3

  • 10:00 a.m. U.S. - JOLTS Job Openings
  • All Day, Eurozone – German Bank Holiday
  • All Day, China – Bank Holiday

Paul Rejczak
Stock Trading Strategist