Silver is gaining ahead of the inflation data, breaking $29 level.
The silver futures contract gained 0.91% on Tuesday, May 14, as it remained close to its short-term local highs following 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 breaking above the $29 level ahead of the CPI data, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.4% higher, as it is trading slightly above the $29 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.7% higher and palladium is 0.9% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been higher than expected at +0.5% m/m. Today, we will get the Consumer Price Index and Retail Sales numbers at 8:30 a.m., among others. Today’s data will likely lead to an increased volatility.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, May 16
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Building Permits, Housing Starts, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - FOMC Member Barr Speech
- 12:00 p.m. U.S. - FOMC Member Mester Speech
- 3:50 p.m. U.S. - FOMC Member Bostic Speech
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist