Gold price keeps going sideways; more economic data in focus.
The gold futures contract lost 0.65% on Wednesday, May 29, as it extended a short-term consolidation along the $2,350 level. Last week, gold broke back below $2,400, and on Friday, it was trading near $2,325. The market reacted to a stronger U.S. dollar and stock market pulling back. Last Monday, gold reached a new record high of $2,454.20.
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 rebounding from a lower low, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.9% higher, as it is trading slightly above the $2,360 level. What about the other precious metals? Silver is 2.2% lower, platinum is 0.2% lower and palladium is 1.6% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get a series of important economic data, including the Unemployment Claims, Preliminary GDP releases at 8:30 a.m. and the Pending Home Sales number at 10:00 a.m., 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 30
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 12:05 p.m. U.S. - FOMC Member Williams Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Friday, May 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 6:15 p.m. U.S. - FOMC Member Bostic Speech
Paul Rejczak
Stock Trading Strategist