Silver price remains below $27; FOMC release didn’t change much.
The silver futures contract gained 0.35% on Wednesday, May 1, as it remained within its Tuesday’s trading range despite the FOMC Rate Decision release. On Tuesday, it lost 3.6%, breaking below the recent trading range and the important $27 level. Last week, it fluctuated following Monday’s sell-off of over 5% on a breakdown in gold prices after failed attempt at extending the uptrend. Earlier, it fluctuated below the $29 level.
Recently, silver rallied due to Middle East tensions and stronger U.S. dollar, reaching a new medium-term local high of $29.91.
Today, silver is trading lower, yet still within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.8% lower, as it is trading above the $26.50 level. What about the other precious metals? Gold is unchanged, platinum is 0.3% lower and palladium is 1.4% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at +192,000, and the ISM Manufacturing PMI release has been lower than expected at 49.2. Today, we will get the Unemployment Claims number at 8:30 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).
Thursday, May 2
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q, Trade Balance
- 8:45 a.m. Canada - BOC Governor Macklem Speech
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Japan – Bank Holiday
- All Day, China – Bank Holiday
Friday, May 3
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 7:45 p.m. U.S. - FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist