Daily Gold News: May 23 – Gold Is Below $2,400 Again

Gold price extends short-term declines; more economic data in focus.

The gold futures contract lost 1.36% on Wednesday, May 22, as it retraced its last week’s advances, breaking back below the $2,400 level. On Monday, gold reached a new record high of $2,454.20 amid rising stock prices, weaker U.S. dollar. Yesterday, it went closer to the $2,375 level.

In mid-February, 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 extending its downward correction, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 23 – Gold Is Below $2,400 Again - Image 1

The gold price is 1.0% lower, as it is trading along the $2,370 level. What about the other precious metals? Silver is 2.2% lower, platinum is 0.6% lower and palladium is 1.1% lower. So, the main precious metals’ prices are lower this morning.

Yesterday’s Existing Home Sales release has been lower than expected at 4.14 million. Today, we will get the Unemployment Claims and PMI numbers releases, among others.

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

Thursday, 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
  • 8:30 a.m. U.S. - Unemployment Claims
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - New Home Sales
  • 3:00 p.m. U.S. - FOMC Member Bostic Speech
  • All Day - G7 Meetings

Friday, May 24

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 9:35 a.m. U.S. - FOMC Member Waller Speech
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • All Day - G7 Meetings

Paul Rejczak
Stock Trading Strategist