Gold price bounced from its Thursday’s low; it’s still trading below the $2,000 mark.
The gold futures contract gained 1.11% on Friday, May 19 as it retraced its Thursday’s decline of 1.3% following the Fed Chair Powell’s speech and weakening U.S. dollar, among other factors. Gold bounced from its Thursday’s local low of $1,954.40. Recently it retreated from the 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 Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading along the $1,980 level. What about the other precious metals? Silver is unchanged platinum is 1.3% higher and palladium is 0.4% higher. So the main precious metals’ prices are virtually flat this morning.
Today we won’t get any new important economic data releases. The markets will be waiting for tomorrow’s PMI numbers releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 22
- All Day, Canada - Bank Holiday
Tuesday, May 23
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 9:00 a.m. U.S. - FOMC Member Logan Speech
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - New Home Sales, Richmond Manufacturing Index
Paul Rejczak
Stock Trading Strategist