Daily Gold News: May 15 – Gold Remains Above the $2,000 Level
Gold price extends its consolidation as markets await lots of Fed-talk this week.
The gold futures contract lost 0.03% on Friday, May 12 as it fluctuated above the $2,000 level. Recently gold price retreated from its May 4 new medium-term high of $2,085.40. Since then it has been fluctuating within a consolidation. Gold went back to the month-long trading range.
In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading sideways again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading along the $2,020 level. What about the other precious metals? Silver is unchanged, platinum is 0.9% higher and palladium is 1.4% higher. So the main precious metals’ prices are virtually flat this morning.
Friday’s Preliminary UoM Consumer Sentiment release has been much lower than expected at 57.7. Today we will get the relatively important Empire State Manufacturing Index release at 8:30 a.m. There will also be a series of the FOMC Members speeches.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index, FOMC Member Goolsbee Speech
- 9:15 a.m. U.S. - FOMC Member Kashkari Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 5:00 p.m. U.S. - FOMC Member Cook Speech
Tuesday, May 16
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
- Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - NAHB Housing Market Index, FOMC Member Barr Speech
- 12:15 p.m. U.S. - FOMC Member Williams Speech
- 2:30 p.m. U.S. - FOMC Member Goolsbee Speech
- 7:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 9:30 p.m. Australia - Wage Price Index q/q
- All Day, Eurozone - ECOFIN Meetings
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