Daily Gold News: Monday, May 23 – Gold Extends its Short-Term Advance

Gold Price Recap

The gold futures contract gained 0.05% on Friday, May 20, as it fluctuated following its Thursday’s advance of 1.4%. The market retraced some of the recent declines after bouncing from its last Monday’s new medium-term low of $1,785.00. Recently gold retraced all of the February-March rally on strengthening U.S. dollar, Fed’s monetary policy tightening fears. So it went back to the $1,800 level where it’s been fluctuating for months in 2021. This morning yellow metal is trading higher after breaking above the $1,850 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.7% higher this morning, as it is trading above the $1,850 price level. What about the other precious metals? Silver is 1.5% higher, platinum is 2.0% higher and palladium is 3.9% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Today we won’t get any new important economic data releases. The markets will be waiting for tomorrow’s Fed Chair Powell speech, among others.

The markets will still 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 23

  • 4:00 a.m. Eurozone – German ifo Business Climate
  • 12:15 p.m. U.K. – BOE Governor Bailey Speech
  • 7:00 p.m. U.S. – FOMC Member George Speech
  • All Day, Eurozone – Eurogroup Meetings
  • All Day, Canada – Bank Holiday

Tuesday, May 24

  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – New Home Sales, Richmond Manufacturing Index
  • 12:20 p.m. U.S. – Fed Chair Powell Speech
  • 2:00 p.m. Eurozone – ECB President Lagarde Speech
  • All Day, Eurozone – ECOFIN Meetings

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.