Silver price rallied on the U.S. long holiday weekend, rebounding from $30.
The silver futures contract gained 4.41% on Monday, May 27, as it retraced a large part its last week’s decline on a quiet trading day in the markets amid the long holiday weekend in the U.S. On Thursday, silver sold off by 3.3%, and on Friday, it fluctuated above the $30 level. Last week, it reacted negatively to the stock market’s pullback, along with declining gold prices and strengthening U.S. dollar. Last Monday, silver reached a new long-term high of $32.75, extending advances after breaking above the $30 level.
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 going sideways following yesterday’s rally, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.2% lower, as it is trading above the $31.50 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.9% lower and palladium is 1.8% lower. So, the main precious metals’ prices are lower this morning.
Today, the markets will be waiting for the important CB Consumer Confidence release at 10:00 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).
Tuesday, May 28
- 12:55 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Mester Speech
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence
- 1:05 p.m. U.S. - FOMC Member Cook Speech
- 9:30 p.m. Australia - CPI y/y
Wednesday, May 29
- 10:00 a.m. U.S. - Richmond Manufacturing Index
- 1:45 p.m. U.S. - FOMC Member Williams Speech
- 2:00 p.m. U.S. - Beige Book
- 7:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist