Daily Gold News: Monday, May 16 – Gold Price is at $1,800 Again

Gold Price Recap

The gold futures contract lost 0.90% on Friday, May 13, following its Thursday’s decline of 1.6%, as it further extended its downtrend. The market retraced almost all of the February-March rally and broke below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. Gold price went back to the $1,800 where it’s been fluctuating for months in 2021. This morning yellow metal is trading along its Friday’s closing price after bouncing from the new local low, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.3% lower this morning, as it is trading along the $1,800 price level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.7% lower and palladium is 1.1% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Friday’s Michigan Sentiment release has been worse than expected at 59.1 vs. the expectations of 64.1. Today we will get the Empire State Manufacturing Index release at 8:30 a.m. Investors will be waiting for tomorrow’s Retail Sales release and the important Fed Chair Powell speech.

The markets will continue to react to the ongoing Russia-Ukraine war news.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Monday, May 16

  • 5:00 a.m. Eurozone – EU Economic Forecasts
  • 8:30 a.m. U.S. – Empire State Manufacturing Index
  • 8:55 a.m. U.S. – FOMC Member Williams Speech
  • 4:00 p.m. U.S. – TIC Long-Term Purchases
  • 9:30 p.m. Australia – Monetary Policy Meeting Minutes

Tuesday, May 17

  • 8:00 a.m. U.S. – FOMC Member Bullard Speech
  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
  • 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
  • 1:00 p.m. Eurozone – ECB President Lagarde Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech
  • 2:30 p.m. U.S. – FOMC Member Mester Speech

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.