Silver is moving lower, following a sell-off in gold prices; economic data in focus.
The silver futures contract lost 2.24% on Wednesday, April 30, as it reacted to worse-than-expected economic data, including the GDP number. Recently, silver has been relatively weaker than gold. In early April, it rebounded from a new local low of $27.55. On March 28, silver reached the highest since 2012.
Today, silver is extending its pullback, breaking below its recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 1.5% lower, as it is trading slightly above the $32 level. What about the other precious metals? Gold is 2.6% lower, platinum is 0.4% lower and palladium is 0.3% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS Advance GDP release has been worse than expected at -0.3% month-over-month. Today, we will get the Unemployment Claims and ISM Manufacturing PMI numbers, 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 1
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- Tentative, Japan - BOJ Press Conference
- All Day, Eurozone - French Bank Holiday, German Bank Holiday, Italian Bank Holiday
- All Day, China - Bank Holiday
Friday, May 2
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Australia - Parliamentary Elections
Paul Rejczak
Stock Trading Strategist