Daily Silver News: April 30 – Silver Price Nears $27 Again

Paul-Rejczak Paul Rejczak Apr 30, 2024

Silver is backing off, tomorrow’s Fed in focus.

The silver futures contract gained 1.50% on Monday, April 29, as it continued to fluctuate along the $27 level after selling off last Monday. Last week 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 lower, following declining gold, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: April 30 – Silver Price Nears $27 Again - Image 1

The silver price is 2.6% lower, as it is trading slightly below the $27 level. What about the other precious metals? Gold is 1.3% lower, platinum is 1.2% lower and palladium is 2.6% lower. So, the main precious metals’ prices are lower this morning.

Today, we will get the Employment Cost Index number at 8:30 a.m., among others. The markets will be waiting for the FOMC Rate Decision release tomorrow.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

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

Wednesday, May 1

  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m
  • 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
  • 2:30 p.m. U.S. - FOMC Press Conference
  • 4:15 p.m. Canada - BOC Governor Macklem Speech
  • All Day, U.S. - Wards Total Vehicle Sales
  • All Day, Eurozone - German Bank Holiday, French Bank Holiday, Italian Bank Holiday
  • All Day, China - Bank Holiday

Paul Rejczak
Stock Trading Strategist