Silver continues to trade below $27 as markets await important monthly jobs data.
The silver futures contract gained 0.30% on Thursday, May 2, as it rebounded from a new local low of $26.25 and basically extended a short-term consolidation following Tuesday’s sell-off. On Tuesday, it lost 3.6%, breaking below the recent trading range and the important $27 level. Last week, it fluctuated after Monday’s sell-off of over 5% on a breakdown in gold prices after failed attempt at extending the uptrend. Earlier, it fluctuated below the $29 level.
In early April, silver rallied due to Middle East tensions and stronger U.S. dollar, reaching a new medium-term local high of $29.91.
Today, silver is trading slightly lower, still within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.4% lower, as it is trading along the $26.75 level. What about the other precious metals? Gold is 0.2% lower, platinum is 1.3% higher and palladium is 0.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 208,000. Today, we will get the important monthly jobs report at 8:30 a.m., and the ISM Services PMI number 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).
Friday, May 3
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 7:45 p.m. U.S. - FOMC Member Williams Speech
Monday, May 6
- 12:50 p.m. U.S. - FOMC Member Barkin Speech
- 1:00 p.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - Loan Officer Survey
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist