Silver continues to fluctuate below the $29 level; inflation data in focus.
The silver futures contract lost 0.22% on Monday, May 13, as it fluctuated following its recent advances and last Thursday’s rally of 2.8%. On Thursday, silver reached a local high of $29.00 after breaking above a Tuesday’s-Wednesday’s trading range. 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 further extending a short-term consolidation, 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% higher, as it is trading slightly below the $28.60 level. What about the other precious metals? Gold is 0.3% higher, platinum is 0.7% higher and palladium is 1.0% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Producer Price Index release at 8:30 a.m. The markets will also await a speech from the Fed Chair Powell 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).
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
Wednesday, May 15
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 3:20 p.m. U.S. - FOMC Member Bowman Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:50 p.m. Japan - Preliminary GDP q/q, Preliminary GDP Price Index y/y
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist