Silver trades within a consolidation ahead of tomorrow’s monthly jobs data.
The silver futures contract lost 1.08% on Wednesday, October 4 as it slightly extended its recent declines. The market reached new medium-term low of $20.85 yesterday. Silver kept selling off on economic data releases, strong U.S. dollar. On Tuesday it broke slightly below the $21.00 level and yesterday it was the lowest since early March.
Today silver is trading within a short-term consolidation as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% higher as it is trading above the $21.20 level. What about the other precious metals? Gold is 0.1% higher platinum is 0.5% lower and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s important ADP Non-Farm Employment Change release has been lower than expected at +89,000. Today we will get the Unemployment Claims number, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, October 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 10:00 a.m. Canada - Ivey PMI
- 12:15 a.m. U.S. - FOMC Member Barr Speech
- All Day, China – Bank Holiday
Friday, October 6
- 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
- 12:00 p.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist