Silver extends yesterday’s retreat as investors await more data.
The silver futures contract lost 1.81% on Wednesday, May 22, as it pulled back from its Monday’s new long-term high of $32.75. On Monday, silver rallied by 3.7% and reached a new high, extending advances after breaking above the $30 level. It was gaining 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 lower again, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.2% lower, as it is trading below the $31 level. What about the other precious metals? Gold is 1.0% lower, platinum is 0.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Existing Home Sales release has been lower than expected at 4.14 million. Today, we will get the Unemployment Claims and PMI numbers releases, 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 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
Friday, May 24
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:35 a.m. U.S. - FOMC Member Waller Speech
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - G7 Meetings
Paul Rejczak
Stock Trading Strategist