Daily Gold News: May 29 – Gold Price Remains Below $2,000

Gold continues to trade along the $1,950 level; it extends a short-term consolidation.

The gold futures contract gained 0.03% on Friday, May 26 as it fluctuated along its new local lows. Recently gold was selling off on strengthening U.S. dollar, among other factors. Last week it went below the $1,950 level. In early May the yellow metal retreated from its 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 above the $1,950 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 29 – Gold Price Remains Below $2,000 - Image 1

The gold price is unchanged this morning as it is trading along the $1,960 level (futures contract’s new series). What about the other precious metals? Silver is 0.5% lower, platinum is 0.4% higher and palladium is 0.1% lower. So the main precious metals’ prices are mixed this morning.

Friday’s important Core PCE Price Index release has been slightly higher than expected at +0.4% m/m. Today we won’t get any new economic data releases. The volatility is low due to a long holiday weekend.

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

Monday, May 29

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

Tuesday, May 30

  • 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
  • 10:00 a.m. U.S. - CB Consumer Confidence
  • 7:00 p.m. Australia - RBA Governor Lowe Speech
  • 9:30 p.m. Australia - CPI y/y
  • 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI

Paul Rejczak
Stock Trading Strategist