Daily Gold News: May 29 – Gold Trading Sideways

Gold extends a short-term consolidation, trading along the $2,350 level.

The gold futures contract gained 0.94% on Tuesday, May 28, as it retraced some of its recent declines. Last week, gold broke back below the $2,400 level, and on Friday, it was as low as $2,326.30. The market reacted to a stronger U.S. dollar and stock market pulling back. Last Monday, gold reached a new record high of $2,454.20.

In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.

This morning, gold is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 29 – Gold Trading Sideways - Image 1

The gold price is 0.4% lower, as it is trading below the $2,350 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.9% lower and palladium is 2.0% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s CB Consumer Confidence number has been better than expected at 102.0. Today, we will get the Beige Book release at 2:00 p.m., among others.

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

Wednesday, May 29

  • 10:00 a.m. U.S. - Richmond Manufacturing Index
  • 1:45 p.m. U.S. - FOMC Member Williams Speech
  • 2:00 p.m. U.S. - Beige Book
  • 7:00 p.m. U.S. - FOMC Member Bostic Speech
  • All Day, Eurozone - German Preliminary CPI m/m

Thursday, May 30

  • 8:30 a.m. U.S. - Unemployment Claims, Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 12:05 p.m. U.S. - FOMC Member Williams Speech
  • 7:30 p.m. Japan - Tokyo Core CPI y/y
  • 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI

Paul Rejczak
Stock Trading Strategist