Gold price gets back closer to its Thursday’s low as U.S. dollar strengthens again.
The gold futures contract lost 0.22% on Monday, May 22 as it fluctuated after bouncing from the Thursday’s local low of $1,954.40. On Friday it retraced most of its Thursday’s decline and it got back above the $1,980 level. Recently it retreated from the May 4 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 closer to last week’s low again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% lower this morning as it is reacting on U.S. dollar stregth, among other factors. What about the other precious metals? Silver is 2.2% lower, platinum is 1.4% lower and palladium is 2.1% lower. So the main precious metals’ prices are lower this morning.
Yesterday we didn’t get any new important economic data announcements. The markets will be waiting for today’s U.S. PMI numbers release at 9:45 a.m. The Europe’s PMI numbers have been mixed.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, May 24
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 4:00 a.m. Eurozone - German ifo Business Climate
- 5:30 a.m. U.K. - BOE Governor Bailey Speech
- 9:00 a.m. U.K. - BOE Governor Bailey Speech
- 10:05 a.m. U.S. - Treasury Secretary Yellen Speech
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Paul Rejczak
Stock Trading Strategist