Gold price retraced most of its recent rally; Consumer Sentiment data in focus.
The gold futures contract lost 2.33% on Thursday, May 23, as it extended its Wednesday’s decline of 1.4%. Gold retraced most of the recent advances after breaking back below the $2,400 level. The market reacted to stronger U.S. dollar amid stock market’s pullback. On Monday, gold reached a new record high of $2,454.20, and yesterday, it breached the $2,330 level.
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 trading along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading along the $2,340 level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.7% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 215,000, and the Flash Manufacturing PMI/ Flash Services PMI releases have been higher than expected. Today, we will get the Michigan Consumer Sentiment data, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, May 24
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:35 a.m. U.S. - FOMC Member Waller Speech
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - G7 Meetings
Monday, May 27
- 4:00 a.m. Eurozone - German ifo Business Climate
- All Day, U.S. - Bank Holiday
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist