Silver price is below $28.50 again as markets await key inflation data this week.
The silver futures contract gained 0.50% on Friday, May 10, as it extended its Thursday’s rally of 2.8% and reached a local high of $29.00. On Thursday, the market broke above a Tuesday’s-Wednesday’s trading range, which was just a pause within a short-term uptrend. Silver was advancing on stock markets’ rally, 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 basically trading sideways, despite a more pronounced decline in gold prices, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.5% lower, as it is trading below the $28.50 level again. What about the other precious metals? Gold is 1.2% lower, platinum is 0.3% higher and palladium is 0.3% lower. So, the main precious metals’ prices are lower this morning.
Friday’s UoM Consumer Sentiment release has been lower than expected at 67.4. Today, we won’t get any new important economic data. However, the markets will be waiting for tomorrow’s Producer Price Index and Wednesday’s Consumer Price Index releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 13
- 9:00 a.m. U.S. - FOMC Member Jefferson Speech, FOMC Member Mester Speech
- All Day, Eurozone - Eurogroup Meetings
Tuesday, May 14
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 9:10 a.m. U.S. - FOMC Member Cook Speech
- 10:00 a.m. U.S. - Fed Chair Powell Speech
- 9:30 p.m. Australia - Wage Price Index q/q
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist