Daily Silver News: May 9 – Silver Advances, Nears $28

Paul-Rejczak Paul Rejczak May 09, 2024

Silver price is advancing despite another day of sideways trading in gold.

The silver futures contract gained 0.21% on Wednesday, May 8, as it still fluctuated following Monday’s rally of 3.5%. On Monday, the market broke above the recent trading range despite gold prices going sideways and extending a consolidation. Silver approached its late April highs along the $27.70 level. Recently, it remained within a short-term consolidation following last Tuesday’s sell-off.

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 higher despite gold going sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: May 9 – Silver Advances, Nears $28 - Image 1

The silver price is 1.1% higher, as it is trading slightly below the $28 level. What about the other precious metals? Gold is 0.1% lower, platinum is 0.5% higher and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s Wholesale Inventories release has been as expected at -0.4% m/m. Today, we will get the Unemployment Claims number at 8:30 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 9

  • All Day, Eurozone - German Bank Holiday, French Bank Holiday
  • 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
  • 7:30 a.m. U.K. - BOE Governor Bailey Speech
  • 8:30 a.m. U.S. - Unemployment Claims
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • Tentative, U.S. - Mortgage Delinquencies

Friday, May 10

  • 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 9:00 a.m. U.S. - FOMC Member Bowman Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 1:30 p.m. U.S. - FOMC Member Barr Speech
  • 2:00 p.m. U.S. - Federal Budget Balance
  • 9:30 p.m. China - CPI y/y, PPI y/y

Paul Rejczak
Stock Trading Strategist