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Silver May '24 (SIK24)

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Silver Futures Market News and Commentary

Broader Market Mostly Lower Ahead of an Expected Hawkish FOMC

The S&P 500 Index ($SPX) (SPY) this morning is down -0.20%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.16%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.40%. 

US stock indexes this morning are mixed.  The broader market is under pressure after today’s report on the Apr ADP employment change rose more than expected, which signals strength in the US labor market that reinforces the case for the Fed to hold off on interest rate cuts.   Also, an unexpected increase in the Apr ISM prices paid sub-index to a 1-3/4 year high signals persistent price pressures that are hawkish for Fed policy.

The FOMC, later this afternoon, is expected to announce no change in the 5.25%-5.50% fed funds target range for a sixth straight meeting.  However, markets are concerned that the FOMC and Fed Chair Powell will signal that the Fed will keep interest rates higher for longer.   

Corporate earnings results today are mixed.  On the negative side, CVS Health Corp is down mo... Read more

Contract Specifications

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Contract
Silver 5,000-oz
Contract Size
5,000 troy ounces
Tick Size
$0.005 per troy ounce ($25.00 per contract) (Settlement $0.001)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:25a.m. - 12:25p.m.) (Settles 12:25p.m.) CST
Exchange
COMEX
Point Value
$5,000
Margin/Maintenance
$11,550/10,500
First Notice Date
04/30/24
Expiration Date
05/29/24 (28 days)

Seasonal Chart

Silver May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
43,245 (-3,197)
120,654 (+184)
Non-Commercials - Long / Short
86,178 (+3,763)
26,838 (-2,218)
Producers - Long / Short
6,575 (-3,287)
48,756 (-2,262)
Swap Dealers - Long / Short
27,482 (-371)
62,710 (+1,985)
Managed Money - Long / Short
60,060 (-385)
20,667 (+412)
Other Reportables - Long / Short
26,118 (+4,148)
6,171 (-2,630)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
25.195 +5.42%
on 04/02/24
29.905 -11.19%
on 04/12/24
+1.487 (+5.93%)
since 04/01/24
3-Month
22.190 +19.69%
on 02/14/24
29.905 -11.19%
on 04/12/24
+3.103 (+13.23%)
since 02/01/24
52-Week
21.400 +24.11%
on 10/04/23
29.905 -11.19%
on 04/12/24
+0.267 (+1.02%)
since 05/01/23

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Most Recent Stories

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Broader Market Mostly Lower Ahead of an Expected Hawkish FOMC

The S&P 500 Index ($SPX ) (SPY ) this morning is down -0.20%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.16%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.40%. US stock indexes this...

$SPX : 5,027.90 (-0.15%)
SPY : 500.68 (-0.26%)
$DOWI : 37,925.92 (+0.29%)
DIA : 378.87 (+0.20%)
$IUXX : 17,375.13 (-0.38%)
QQQ : 422.02 (-0.61%)
ZNM24 : 107-200 (+0.17%)
CVS : 55.70 (-17.74%)
SBUX : 73.68 (-16.74%)
SMCI : 703.32 (-18.10%)
SWKS : 90.78 (-14.83%)
EL : 130.42 (-11.10%)
Dollar Slightly Weaker as Bond Yields Dip Before the FOMC Meeting

The dollar index (DXY00 ) this morning fell back from a 2-week high and is down -0.05%. The dollar today gave up early gains and turned lower as bond yields dipped from weaker-than-expected US economic...

DXY00 : 106.198 (-0.02%)
^EURUSD : 1.06824 (+0.15%)
^USDJPY : 157.660 (-0.09%)
GCM24 : 2,314.5 (+0.50%)
SIN24 : 26.725 (+0.27%)
Stocks Mixed Ahead of Today’s FOMC Decision

The S&P 500 Index ($SPX ) (SPY ) this morning is down -0.12%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.20%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.31%. US stock indexes this...

$SPX : 5,027.90 (-0.15%)
SPY : 500.68 (-0.26%)
$DOWI : 37,925.92 (+0.29%)
DIA : 378.87 (+0.20%)
$IUXX : 17,375.13 (-0.38%)
QQQ : 422.02 (-0.61%)
ZNM24 : 107-200 (+0.17%)
CVS : 55.70 (-17.74%)
SBUX : 73.68 (-16.74%)
SWKS : 90.78 (-14.83%)
SMCI : 703.32 (-18.10%)
AMD : 144.44 (-8.80%)
2 Top ETFs to Invest in the 'Inevitable' Copper Boom

Explore the potential of investing in copper through two key ETFs, which are poised to benefit from increasing demand for the metal in AI and renewable energy initiatives.

HGN24 : 4.5415 (-0.50%)
GCM24 : 2,314.5 (+0.50%)
SIN24 : 26.725 (+0.27%)
BAC : 37.03 (+0.05%)
C : 61.19 (-0.23%)
CPER : 28.31 (+0.02%)
COPX : 45.52 (-0.55%)
IVPAF : 13.5900 (+0.52%)
ANFGF : 27.0000 (-4.42%)
LUNMF : 11.2200 (-1.67%)
SCCO : 113.36 (-2.84%)
BHP : 55.14 (-0.04%)
Dollar Rallies Ahead of an Expected Hawkish FOMC Wednesday

The dollar index (DXY00 ) on Tuesday rose to a 1-week high and finished up by +0.60%. The dollar rallied Tuesday after T-note yields jumped when the US Q1 employment cost index rose more than expected,...

DXY00 : 106.198 (-0.02%)
^EURUSD : 1.06824 (+0.15%)
^USDJPY : 157.660 (-0.09%)
GCM24 : 2,314.5 (+0.50%)
SIN24 : 26.725 (+0.27%)
Pan American Silver (PAAS) Rally in Impulsive Structure

Pan American Silver (PAAS) is a well-established Canadian silver mining company operating globally. It has assets primarily in the Americas, including Mexico, Peru, Bolivia, and Argentina. Known for its...

PAAS : 18.68 (+1.30%)
Gold and Silver Show the Way

Both key precious metals moved decisively lower today, which is in perfect tune with their recent price patterns.

Stocks Weaken as Rising US Wage Costs Curb Fed Rate Cut Expectations

The S&P 500 Index ($SPX ) (SPY ) this morning is down -0.18%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.36%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.19%. US stock indexes...

$SPX : 5,027.90 (-0.15%)
SPY : 500.68 (-0.26%)
$DOWI : 37,925.92 (+0.29%)
DIA : 378.87 (+0.20%)
$IUXX : 17,375.13 (-0.38%)
QQQ : 422.02 (-0.61%)
ZNM24 : 107-200 (+0.17%)
GEHC : 78.03 (+2.35%)
FFIV : 168.50 (+1.93%)
TAP : 57.16 (-0.17%)
PCAR : 105.83 (-0.26%)
YUMC : 36.97 (+1.26%)
Dollar Climbs and Gold Falls as US Labor Costs Accelerate

The dollar index (DXY00 ) today is up by +0.28%. The dollar is moving higher today after T-note yields jumped when the US Q1 employment cost index rose more than expected, a sign of wage pressures and...

DXY00 : 106.198 (-0.02%)
^EURUSD : 1.06824 (+0.15%)
^USDJPY : 157.660 (-0.09%)
GCM24 : 2,314.5 (+0.50%)
SIN24 : 26.725 (+0.27%)
Stocks Slip as Rising US Labor Costs May Keep the Fed Hawkish

The S&P 500 Index ($SPX ) (SPY ) this morning is down -0.29%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.48%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.35%. US stock indexes...

$SPX : 5,027.90 (-0.15%)
SPY : 500.68 (-0.26%)
$DOWI : 37,925.92 (+0.29%)
DIA : 378.87 (+0.20%)
$IUXX : 17,375.13 (-0.38%)
QQQ : 422.02 (-0.61%)
ZNM24 : 107-200 (+0.17%)
FFIV : 168.50 (+1.93%)
GEHC : 78.03 (+2.35%)
PCAR : 105.83 (-0.26%)
YUMC : 36.97 (+1.26%)
STLA : 22.25 (-0.22%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 27.809
2nd Resistance Point 27.487
1st Resistance Point 26.939
Last Price 26.560
1st Support Level 26.069
2nd Support Level 25.747
3rd Support Level 25.199

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52-Week High 29.905
Fibonacci 61.8% 26.656
Last Price 26.560
Fibonacci 50% 25.653
Fibonacci 38.2% 24.649
52-Week Low 21.400

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