Gold price remains above $1,950 level as it further extends a consolidation.
The gold futures contract lost 0.50% on Wednesday, May 24 as it continued to fluctuate within a short-term consolidation above the $1,950 price level. On Friday the market retraced most of its Thursday’s decline and it got back above $1,980. On Tuesday and on Wednesday gold sold off closer to the $1,950 level again. Recently it retreated from the May 4 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 along the recent lows as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading along the $1,960 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.3% lower and palladium is 1.1% lower. So the main precious metals’ prices are slightly lower this morning.
Today we will get the Preliminary GDP and Unemployment Claims releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, May 25
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Unemployment Claims
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 7:30 p.m. Japan - Tokyo Core CPI y/y
Friday, May 26
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Core Durable Goods Orders m/m, Durable Goods Orders m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist