Silver rallies to new long-term highs, extending advances after breaking the $30 level.
The silver futures contract gained 4.63% on Friday, May 17, as it extended a rally after breaking above the $30 level. Silver reached new long-term highs on rising gold and stock prices, weakening U.S. dollar. Last week, the market broke a short-term consolidation, and on Friday, it was the highest since 2013.
In early April, silver rallied due to Middle East tensions, 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 trading higher; however retreating from an overnight high of $32.75, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.4% higher, as it is trading along the $32 level. What about the other precious metals? Gold is 1.2% higher, platinum is 0.5% lower and palladium is 1.5% higher. So, the main precious metals’ prices are higher this morning.
Friday’s CB Leading Index release has been lower than expected at -0.6% m/m. Today, we won’t get any new important economic data. However, there will be speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 20
- 8:45 a.m. U.S. - FOMC Member Bostic Speech
- 9:00 a.m. U.S. - FOMC Member Waller Speech, FOMC Member Barr Speech
- 10:30 a.m. U.S. - FOMC Member Jefferson Speech
- 2:00 p.m. U.S. - FOMC Member Mester Speech
- All Day, Canada - Bank Holiday
- All Day, Eurozone - German Bank Holiday, French Bank Holiday
Tuesday, May 21
- 4:00 a.m. U.S. - Treasury Secretary Yellen Speech
- 4:00 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:00 a.m. U.S. - FOMC Member Waller Speech, FOMC Member Barkin Speech
- 9:05 a.m. U.S. - FOMC Member Williams Speech
- 9:10 a.m. U.S. - FOMC Member Bostic Speech
- 11:45 a.m. U.S. - FOMC Member Barr Speech
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
- 7:00 p.m. U.S. - FOMC Member Mester Speech
Paul Rejczak
Stock Trading Strategist