Daily Silver News: May 7 - Silver Trading Along $27.50

Silver price remains close to $27.50, holding its yesterday’s gains.

The silver futures contract gained 3.46% on Monday, May 6, as it broke above the recent trading range despite gold prices going sideways and extending a consolidation. Silver went closer to its late April highs along the $27.70 level. Recently, it remained within a short-term consolidation following last Tuesday’s sell-off. Last week on Tuesday, it lost 3.6%, breaking below the recent trading range and the $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 retracing some of its yesterday’s rally, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: May 7 - Silver Trading Along $27.50 - Image 1

The silver price is 0.4% lower, as it is trading along the $27.50 level. What about the other precious metals? Gold is 0.3% lower, platinum is 0.3% lower and palladium is 0.7% lower. So, the main precious metals’ prices are lower this morning.

Yesterday, we didn’t get any new important economic data, and today, the Consumer Credit number will be released at 3:00 p.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

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

Wednesday, May 8

  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 11:00 a.m. U.S. - FOMC Member Jefferson Speech
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 1:30 p.m. U.S. - FOMC Member Cook Speech
  • All Day, Eurozone - French Bank Holiday

Paul Rejczak
Stock Trading Strategist