Silver price remains close to $30 level, trading along new highs.
The silver futures contract gained 0.49% on Thursday, May 16, as it slightly extended its short-term rally, reaching a new long-term high of $30.10. On Wednesday, silver rallied by 3.6% after the consumer inflation release. The market broke its three-day-long consolidation, and yesterday, it was the highest since February of 2021. Recently, 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 going sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher, as it is trading below the $30 level. What about the other precious metals? Gold is 0.2% higher, platinum is 0.6% lower and palladium is 0.8% lower. So, the main precious metals’ prices are slightly higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 222,000. Today, we will get the CB Leading Index release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, May 17
- 10:00 a.m. U.S. - CB Leading Index m/m
- 10:15 a.m. U.S. - FOMC Member Waller Speech
Monday, May 20
- 8:45 a.m. U.S. - FOMC Member Bostic Speech
- 9:00 a.m. U.S. - FOMC Member Barr Speech
- All Day, Canada - Bank Holiday
- All Day, Eurozone - German Bank Holiday, French Bank Holiday
Paul Rejczak
Stock Trading Strategist