Silver price is rebounding from $32 as markets await monthly jobs data.
The silver futures contract lost 1.05% on Thursday, May 1, as it extneded its short-term downtrend following a pullback in gold prices amid economic data releases, strong U.S. dollar. 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 bouncing from the $32 level, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.9% higher, as it is trading along the $32.50 level. What about the other precious metals? Gold is 1.4% higher, platinum is 0.2% higher and palladium is unchanged. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 241,000. Today, we will get the important monthly jobs report 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).
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
Monday, May 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- Tentative, U.S. - Loan Officer Survey
- All Day, Japan – Bank Holiday
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist