Daily Gold News: May 24 – Gold Price Bounces From $1,950

Gold continues to fluctuate after last week’s sell-off; markets await the FOMC Minutes release.

The gold futures contract lost 0.14% on Tuesday, May 23 as it fluctuated following last week’s declines. On Friday the market retraced most of its Thursday’s decline and it got back above the $1,980 level. Yesterday gold sold off closer to the $1,950 level before bouncing back higher on declining stock markets, among other factors. 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 higher as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 24 – Gold Price Bounces From $1,950 - Image 1

The gold price is 0.2% higher this morning as it is trading along the recent local highs. What about the other precious metals? Silver is 0.4% lower, platinum is 1.5% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s U.S. PMI numbers releases have been mixed. The Manufacturing PMI number was lower than expected at 48.5 and the Services PMI number was higher than expected at 55.1. Today we will get the important FOMC Meeting Minutes release at 2:00 p.m.

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

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

Thursday, May 25

  • 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Unemployment Claims
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 7:30 p.m. Japan - Tokyo Core CPI y/y

Paul Rejczak
Stock Trading Strategist