Silver price is near the $30 level again; PMI data in focus.
The silver futures contract lost 3.47% on Friday, May 31, as it extended its Thursday’s sell-off of 2.6%, retracing almost all of its Monday’s-Tuesday’s rally. On previous week, silver sold off to around the $30 level. It reacted negatively to the stock market’s pullback, along with declining gold prices and strengthening U.S. dollar. On Monday, May 20, silver reached a new long-term high of $32.75, extending advances after breaking above the $30 level.
In early April, silver rallied due to Middle East tensions, reaching a new medium-term local high of $29.91. Then, it sold off towards a local low of $26.25, reached on May 2.
Today, silver is rebounding from the $30 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% higher, as it is trading above the $30.50 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.9% lower and palladium is 1.1% lower. So, the main precious metals’ prices are higher this morning.
On Friday, the important Core PCE Price Index has been lower than expected at +0.2% m/m. Today, we will get the Final Manufacturing PMI release at 9:45 a.m., and the ISM Manufacturing PMI at 10:00 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).
Monday, June 3
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
Tuesday, June 4
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 9:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist