Daily Gold News: May 19 – Gold Price Fluctuates Ahead of Powell’s Speech

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):

Daily Gold News: May 19 – Gold Price Fluctuates Ahead of Powell’s Speech - Image 1

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