Silver is breaking the recent highs, trading above $27 again.
The silver futures contract lost 0.52% on Friday, May 3, as it continued to trade within short-term consolidation following last Tuesday’s sell-off. On Tuesday, it lost 3.6%, breaking below the recent trading range and the important $27 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 breaking above the recent trading range on weaker USD, advancing gold prices, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.7% higher, as it is trading along the $27.40 level. What about the other precious metals? Gold is 0.9% higher, platinum is 0.9% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been lower than expected at +175,000. Today, we won’t get any new important economic data. However, there will be speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, May 7
- 12:30 a.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist