Silver pauses after the rally as markets await tomorrow’s FOMC Minutes release.
The silver futures contract gained 3.73% on Monday, May 20, as it extended its rally after breaking above the $30 level. Silver reached new long-term highs on rising gold and stock prices, weakening U.S. dollar. Yesterday, it was as high as $32.75. Last week, the market broke a short-term consolidation.
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 sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.7% lower, as it is trading below the $32 level. What about the other precious metals? Gold is 0.6% lower, platinum is 0.8% lower and palladium is 0.6% lower. So, the main precious metals’ prices are lower this morning.
Today, we won’t get any new important economic data. The markets will be waiting for the FOMC Meeting Minutes release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, May 22
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 10:00 a.m. U.S. - Existing Home Sales
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Paul Rejczak
Stock Trading Strategist