Daily Gold News: May 30 – Gold Bounced From $1,950 Level

Gold price bounces from its lows, Consumer Sentiment release is in focus.

The gold futures contract lost 0.2% on Monday, May 29 as it extended a consolidation along its 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 higher as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 30 – Gold Bounced From $1,950 Level - Image 1

The gold price is 0.6% higher this morning as it is trading along the $1,970 level (futures contract’s new series). What about the other precious metals? Silver is 0.2% higher, platinum is 0.6% higher and palladium is 2.0% higher. So the main precious metals’ prices are higher this morning.

Today we will get the important CB Consumer Confidence release at 10:00 a.m.

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

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

Wednesday, May 31

  • 4:00 a.m. Eurozone - ECB Financial Stability Review
  • 8:30 a.m. Canada - GDP m/m
  • 8:50 a.m. U.S. - FOMC Member Bowman Speech
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - JOLTS Job Openings
  • 12:30 a.m. U.S. - FOMC Member Harker Speech
  • 1:30 p.m. U.S. - FOMC Member Jefferson Speech
  • 2:00 p.m. U.S. - Beige Book
  • All Day, Eurozone - German Preliminary CPI m/m

Paul Rejczak
Stock Trading Strategist