Daily Silver News: May 8 – Silver Trading Sideways

Silver price remains close to $27.50 as markets await more economic data.

The silver futures contract lost 0.25% on Tuesday, May 7, as it fluctuated following its Monday’s rally of almost 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 slightly lower, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Silver News: May 8 – Silver Trading Sideways - Image 1

The silver price is 0.3% lower, as it is trading below the $27.50 level. What about the other precious metals? Gold is unchanged, platinum is 1.1% lower and palladium is 1.4% lower. So, the main precious metals’ prices are mixed this morning.

Today, we will get the Wholesale Inventories release at 10:00 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).

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

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

Paul Rejczak
Stock Trading Strategist