Gold continues to trade along the $1,950 level; it extends a short-term consolidation.
The gold futures contract gained 0.03% on Friday, May 26 as it fluctuated along its new 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 above the $1,950 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning as it is trading along the $1,960 level (futures contract’s new series). What about the other precious metals? Silver is 0.5% lower, platinum is 0.4% higher and palladium is 0.1% lower. So the main precious metals’ prices are mixed this morning.
Friday’s important Core PCE Price Index release has been slightly higher than expected at +0.4% m/m. Today we won’t get any new economic data releases. The volatility is low due to a long holiday weekend.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 29
- All Day, U.S. - Bank Holiday
- All Day, Eurozone - German Bank Holiday, French Bank Holiday
- All Day, U.K. - Bank Holiday
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
Paul Rejczak
Stock Trading Strategist