Gold is retracing some of the advance; tomorrow’s FOMC Minutes release in focus.
The gold futures contract gained 0.87% on Monday, May 20, as it further extended its recent advances, breaking above the April high and reaching a new record high of $2,454.20 amid rising stock prices, weaker U.S. dollar, among other factors.
In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $450.
This morning, gold is retracing some of the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% lower, as it is trading below the $2,430 level. What about the other precious metals? Silver is 1.7% lower, platinum is 0.8% lower and palladium is 0.6% lower. So, the main precious metals’ prices are lower this morning.
Today, we won’t get any new important economic data. The markets will be waiting for the FOMC Meeting Minutes release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, May 21
- 4:00 a.m. U.S. - Treasury Secretary Yellen Speech
- 4:00 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:00 a.m. U.S. - FOMC Member Waller Speech, FOMC Member Barkin Speech
- 9:05 a.m. U.S. - FOMC Member Williams Speech
- 9:10 a.m. U.S. - FOMC Member Bostic Speech
- 11:45 a.m. U.S. - FOMC Member Barr Speech
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
- 7:00 p.m. U.S. - FOMC Member Mester Speech
Wednesday, May 22
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 10:00 a.m. U.S. - Existing Home Sales
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Paul Rejczak
Stock Trading Strategist