Gold is trading sideways, extending a consolidation following Monday’s record.
The gold futures contract lost 0.52% on Tuesday, May 21, as it fluctuated following its Monday’s record-breaking advance. On Monday, gold broke above the April high and reached a new record high of $2,454.20 amid rising stock prices, weaker U.S. dollar. Yesterday, it pulled back towards the $2,400 level, ultimately closing near $2,425.
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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading slightly below the $2,420 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.1% higher and palladium is 1.1% lower. So, the main precious metals’ prices are slightly lower this morning.
Today, we will get the important FOMC Meeting Minutes release at 2:00 p.m., plus the Existing Home Sales number 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).
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
Thursday, May 23
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - New Home Sales
- 3:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day - G7 Meetings
Paul Rejczak
Stock Trading Strategist