Daily Gold News: Tuesday, May 10 – Gold Trades Along the Recent Lows

Gold Price Recap

The gold futures contract lost 1.29% on Monday, May 9, as it extended a short-term consolidation below the $1,900 price level. Gold continues to fluctuate after declining from the resistance level of $2,000 in April on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning the yellow metal is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% higher this morning, as it is trading slightly above the $1,850 level. What about the other precious metals? Silver is unchanged, platinum is 1.7% higher and palladium is 0.8% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Wholesale Inventories number release has been as expected at +2.3%. Today we will get speeches from the Fed members, and the markets will be waiting for the important Consumer Price Index release tomorrow.

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.

Tuesday, May 10

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment
  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 7:40 a.m. U.S. – FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Waller Speech
  • 3:00 p.m. U.S. – FOMC Member Mester Speech

Wednesday, May 11

  • 4:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 2:00 p.m. U.S. – Federal Budget Balance
  • All Day – OPEC 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.

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