Silver trades sideways after its Monday-Tuesday’s rally; more economic data in focus.
The silver futures contract gained 5.37% on Tuesday, May 28 (the change includes Monday’s trading range), as it retraced a large part its last week’s decline. 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 trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.1% higher, as it is trading above the $32 level. What about the other precious metals? Gold is 0.4% lower, platinum is 0.9% lower and palladium is 2.0% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence number has been better than expected at 102.0. Today, we will get the Beige Book release at 2:00 p.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, May 30
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 12:05 p.m. U.S. - FOMC Member Williams Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Paul Rejczak
Stock Trading Strategist