Silver extends a short-term consolidation; FOMC Minutes release in focus.
The silver futures contract lost 1.07% on Tuesday, May 21, as it fluctuated after its Monday’s rally of 3.7%. On Monday, silver reached a new long-term high of $32.75, extending advances after breaking above the $30 level. Silver rallied on rising gold and stock prices, weakening U.S. dollar. 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 0.1% lower, as it is trading along the $32 level. What about the other precious metals? Gold is 0.4% lower, platinum is 0.1% higher and palladium is 1.1% lower. So, the main precious metals’ prices are slightly lower this morning.
Today, we will get the important FOMC Meeting Minutes release at 2:00 p.m., plus the Existing Home Sales number 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).
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
Thursday, May 23
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - New Home Sales
- 3:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day - G7 Meetings
Paul Rejczak
Stock Trading Strategist