Gold extended its downtrend, it’s trading below $2,000 price level.
The gold futures contract lost 1.26% on Thursday, May 18 as it further extended its short-term downtrend on strengthening U.S. dollar, stock markets’ rally. 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 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 this morning as it is trading slightly above the $1,950 level. It is the lowest since late March. What about the other precious metals? Silver is 0.5% higher, platinum is 1.4% higher and palladium is 3.3% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims number release has been lower than expected at 242,000. Today there will be a lot of Fed-talk. The Fed Chief Powell will speak at 11:00 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 19
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 8:45 a.m. U.S. - FOMC Member Williams Speech
- 9:00 a.m. U.S. - FOMC Member Bowman Speech
- 11:00 a.m. U.S. - Fed Chair Powell Speech
- 3:00 p.m. Eurozone - ECB President Lagarde Speech
- All Day - G7 Meetings
Monday, May 22
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist