Silver gains, extending a consolidation; Wednesday’s Fed in focus.
The silver futures contract lost 0.37% on Friday, April 26, as it continued to fluctuate along the $27 level after selling off last Monday. On Monday, silver dipped by over 5% on a breakdown in gold prices after failed attempt at extending the uptrend on the previous Friday. Earlier, it kept extending a consolidation below the $29 level.
Recently, 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 higher, yet still within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.4% higher, as it is trading closer to the $27.70 level. What about the other precious metals? Gold is 0.2% higher, platinum is 1.6% higher and palladium is 0.4% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Core PCE Price Index release has been as expected at +0.3%. Today, we won’t get any new important economic data. The markets will be waiting for the Wednesday’s FOMC Rate Decision release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 29
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Tuesday, April 30
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - CB Consumer Confidence
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist