Silver trades higher, following gains in gold prices ahead of key data.
The silver futures contract gained 0.03% on Thursday, April 25, as it extended a short-term consolidation Monday’s sell-off of over 5.5%. On Monday, silver dipped on a breakdown in gold prices after failed attempt at extending the uptrend on Friday. Last week, it kept extending a consolidation below the $29 level.
On previous Friday, silver rallied due to Middle East tensions and stronger U.S. dollar, reaching a new medium-term local high of $29.91.
Today, silver is trading above the recent highs, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% higher, as it is trading along the $27.60 level. What about the other precious metals? Gold is 0.7% higher, platinum is unchanged and palladium is 1.5% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Advance GDP release has been much lower than expected at +1.6% q/q. Today, we will get the important Core PCE Price Index data at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, April 26
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Press Conference
Monday, April 29
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist