Daily Gold News: May 16 – Gold Is Still Above the $2,000 Price Level

Gold price continues to fluctuate ahead of the important Retail Sales release.

The gold futures contract gained 0.14% on Monday, May 15 as it continued to fluctuate within a short-term consolidation 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 relatively narrow trading range. Overall, gold went back to the month-long consolidation.

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 closer to the $2,000 mark as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 16 – Gold Is Still Above the $2,000 Price Level - Image 1

The gold price is 0.5% lower this morning as it is trading along the $2,010 level. What about the other precious metals? Silver is 1.3% lower, platinum is 0.7% higher and palladium is 0.1% higher. So the main precious metals’ prices are lower this morning.

Yesterday’s Empire State Manufacturing Index release has been much lower than expected at -31.8. Today we will get the important Retail Sales release at 8:30 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 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

Wednesday, May 17

  • 5:50 a.m. U.K. - BOE Governor Bailey Speech
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 9:30 p.m. Australia - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist