Silver is declining despite advances in gold price; markets await data.
The silver futures contract gained 0.73% on Wednesday, May 29, as it slightly extended its Monday’s-Tuesday’s advance of over 5%, retracing a large part of a 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 retracing some of its recent advance, 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 $32 level. What about the other precious metals? Gold is 0.9% higher, platinum is 0.2% lower and palladium is 1.6% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get a series of important economic data, including the Unemployment Claims, Preliminary GDP releases at 8:30 a.m. and the Pending Home Sales 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).
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
Friday, May 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 6:15 p.m. U.S. - FOMC Member Bostic Speech
Paul Rejczak
Stock Trading Strategist