Daily Gold News: May 17 – Gold Price Going Sideways

Gold remains cloce to $2,400 folowing recent data, stock market rally.

The gold futures contract lost 0.39% on Thursday, May 16, as it fluctuated following its recent run-up. On Wednesday, gold gained 1.5%, breaking above the recent trading range after the consumer inflation data announcement which was lower than expected. The yellow metal reached a new local high, breaching the $2,400 level yesterday.

In mid-April, 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 sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 17 – Gold Price Going Sideways - Image 1

The gold price is 0.2% higher, as it is trading along the $2,390 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.6% lower and palladium is 0.8% lower. So, the main precious metals’ prices are slightly higher this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 222,000. Today, we will get the CB Leading Index release at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Friday, May 17

  • 10:00 a.m. U.S. - CB Leading Index m/m
  • 10:15 a.m. U.S. - FOMC Member Waller Speech

Monday, May 20

  • 8:45 a.m. U.S. - FOMC Member Bostic Speech
  • 9:00 a.m. U.S. - FOMC Member Barr Speech
  • All Day, Canada - Bank Holiday
  • All Day, Eurozone - German Bank Holiday, French Bank Holiday

Paul Rejczak
Stock Trading Strategist