Gold price retraced its Friday’s rally yesterday; markets await inflation data.
The gold futures contract lost 1.35% on Monday, May 13, as it retraced its Friday’s advance of 1.5% after getting near the $2,400 price level. Last Thursday, gold broke out above the recent highs on advancing stock markets and a weaker U.S. dollar. In the second half of April, gold fluctuated along the $2,300 level, and last week, it was extending its consolidation. On Friday, gold reached a local high of $2,358.30.
Recently, gold was selling off from a new record high of $2,448.80 reached on April 12. On April 19, the yellow metal reached a local high of around $2,433 in a reaction to the stock market’s sell-off amid Middle East tensions.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $450.
This morning, gold is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,350 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.7% higher and palladium is 1.0% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Producer Price Index release at 8:30 a.m. The markets will also await a speech from the Fed Chair Powell 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).
Tuesday, May 14
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 9:10 a.m. U.S. - FOMC Member Cook Speech
- 10:00 a.m. U.S. - Fed Chair Powell Speech
- 9:30 p.m. Australia - Wage Price Index q/q
- All Day, Eurozone - ECOFIN Meetings
Wednesday, May 15
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 3:20 p.m. U.S. - FOMC Member Bowman Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:50 p.m. Japan - Preliminary GDP q/q, Preliminary GDP Price Index y/y
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist