Silver price extends its consolidation, rebounding from $32.
The silver futures contract lost 0.62% on Friday, as it extended its short-term consolidation after pulling back from around $33.70. Silver followed a downward correction in gold prices, retreating towards the $32 level.
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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.1% higher, as it is trading along the $32.60 level. What about the other precious metals? Gold is 2.5% higher, platinum is 0.1% higher and palladium is 0.9% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +177,000. Today, we will get the ISM Services PMI number at 10:00 a.m. Investors are awaiting the FOMC interest rate decision scheduled to be released on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, May 6
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. Canada - Ivey PMI
- 1:01 p.m. U.S. - 10-y Bond Auction
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist