Silver price remains below $27 as markets await economic data, Fed release.
The silver futures contract lost 3.64% on Tuesday, April 30, as it broke below the recent trading range and the important $27 level. Last week, it fluctuated following Monday’s sell-off of over 5% on a breakdown in gold prices after failed attempt at extending the uptrend. Earlier, it fluctuated 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 sideways – ahead of key economic data, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% higher, as it is trading along the $26.70 level. What about the other precious metals? Gold is unchanged, platinum is 1.2% higher and palladium is 1.1% lower. So, the main precious metals’ prices are little-changed this morning.
Yesterday’s Employment Cost Index release has been higher than expected at +1.2% q/q, which caused a sell-off in precious metals. Today, we will get a series of very important data: the ADP Non-Farm Employment Change at 8:15 a.m., the ISM numbers at 9:45 a.m. and 10:00 a.m., among others, and the crucial FOMC Rate Decision release at 2:00 p.m., followed by the FOMC Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, May 2
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q, Trade Balance
- 8:45 a.m. Canada - BOC Governor Macklem Speech
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Japan – Bank Holiday
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist