Daily Gold News: May 26 – Gold Continues to Trade Along Recent Lows

Gold trades along $1,950 as investors await the important Core PCE Price Index release.

The gold futures contract lost 1.06% on Thursday, May 25 as it went back to its recent lows on strengthening U.S. dollar, among other factors. Last week on Tuesday and on Wednesday gold sold off closer to the $1,950 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 slightly above the $1,950 level after retracing its earlier losses as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 26 – Gold Continues to Trade Along Recent Lows - Image 1

The gold price is 0.2% higher this morning as it is trading along the $1,950 level (futures contract’s new series). What about the other precious metals? Silver is 1.9% higher, platinum is 0.9% higher and palladium is 1.9% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Preliminary GDP release has been higher than expected at +1.3% q/q. Today we will get the important Core PCE Price Index release at 8:30 a.m., among others.

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

Friday, May 26

  • 2:00 a.m. U.K. - Retail Sales m/m
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Core Durable Goods Orders m/m, Durable Goods Orders m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

Monday, May 29

  • All Day, U.S. - Bank Holiday
  • All Day, Eurozone - German Bank Holiday, French Bank Holiday
  • All Day, U.K. - Bank Holiday

Paul Rejczak
Stock Trading Strategist