Daily Silver News: October 6 – Silver Extends a Short-Term Consolidation

Silver price bounces from $21 level ahead of today’s monthly jobs data release.

The silver futures contract lost 0.60% on Thursday, October 5 as it traded within a short-term consolidation following the recent sell-off. On Wednesday the market reached new medium-term low of $20.85. Silver kept selling off on economic data releases, strong U.S. dollar. On Tuesday it broke slightly below the $21.00 level and on Wednesday it was the lowest since early March.

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

Daily Silver News: October 6 – Silver Extends a Short-Term Consolidation - Image 1

The silver price is 1.0% higher as it is trading above the $21.20 level. What about the other precious metals? Gold is 0.2% higher platinum is 0.4% lower and palladium is 0.4% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been lower than expected at 207,000. Today we will get the important monthly jobs data release 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, 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

Monday, October 9

  • 8:00 a.m. U.S. - FOMC Member Barr Speech
  • 9:00 a.m. U.S. - FOMC Member Logan Speech
  • 8:30 p.m. Australia - NAB Business Confidence
  • All Day, U.S. – Bank Holiday
  • All Day, Canada – Bank Holiday

Paul Rejczak
Stock Trading Strategist