Daily Gold News: May 17 – USD Rally Pushes Gold Price Lower

Gold price came back below the $2,000 level, it’s trading along previous lows.

The gold futures contract lost 1.47% on Tuesday, May 16 as it broke below the recent local lows on strengthening U.S. dollar, among other factors. Recently gold price retreated from its May 4 new medium-term high of $2,085.40.

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

Daily Gold News: May 17 – USD Rally Pushes Gold Price Lower - Image 1

The gold price is 0.1% lower this morning as it is trading along the late April and early May local lows. What about the other precious metals? Silver is 0.4% lower, platinum is 1.2% higher and palladium is 0.1% higher. So the main precious metals’ prices are slightly lower this morning.

Yesterday’s important Retail Sales release has been lower than expected at +0.4% m/m. Today we will get the Building Permits and Housing Starts data at 8:30 a.m.

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

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

Thursday, May 18

  • 5:15 a.m. U.K. - Monetary Policy Report Hearings
  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
  • 9:05 a.m. U.S. - FOMC Member Jefferson Speech
  • 9:30 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m, FOMC Member Logan Speech
  • 11:00 a.m. Canada - BOC Governor Macklem Speech
  • All Day, Eurozone - German Bank Holiday, French Bank Holiday

Paul Rejczak
Stock Trading Strategist