Silver price is closer to $29 as stock markets advance, USD weakens.
The silver futures contract gained 2.77% on Thursday, May 9, as it broke above its Tuesday’s-Wednesday’s trading range, which was just a pause within a short-term uptrend. Yesterday, it broke above $28 on advancing stock markets, weaker U.S. dollar.
In early April, silver rallied due to Middle East tensions and stronger U.S. dollar, 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 trading higher, extending the uptrend, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.6% higher, as it is trading closer to the $29 level. What about the other precious metals? Gold is 1.7% higher, platinum is 0.6% higher and palladium is 1.9% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 231,000. Today, we will get the UoM Consumer Sentiment number 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).
Friday, May 10
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:00 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 1:30 p.m. U.S. - FOMC Member Barr Speech
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. China - CPI y/y, PPI y/y
Monday, May 13
- 9:00 a.m. U.S. - FOMC Member Jefferson Speech, FOMC Member Mester Speech
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist