Gold & Silver Prices Pull Back As Traders Book Profits – What’s Next?

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Published: Feb 3, 2021, 10:50 UTC

On Monday, silver took centre-stage rallying for a third straight session – soaring over 13% to hit $30 an ounce for the first time since 2013. That's silver’s biggest one-day move since 2008.

The precious metals are starting to attract a lot of attention – on a scale not seen since the global financial crisis in 2008. This ultimately should keep driving prices higher in the long term, especially considering that the fundamental backdrop for the entire commodities complex remains extremely bullish.

Looking ahead to this week, the major economic events that traders will be watching closely for clues on the market’s next big move include; Friday’s U.S. jobs report, as well as progress on President Joe Biden’s COVID-19 relief package.

On Tuesday, Democrats in U.S. Congress took the first steps toward advancing President Biden’s massive $1.9 trillion economic stimulus package without Republican support. Traders are convinced that a deal is coming – the only question now is when.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.