Daily Gold News: Tuesday, May 17 – Gold Bounces From the $1,800 Level

Gold Price Recap

The gold futures contract gained 0.32% on Monday, May 16, as it fluctuated following its recent declines. The market reached the new local low of $1,785.00, but it closed above the $1,800 level again. Gold retraced almost all of the February-March rally on strengthening U.S. dollar, Fed’s monetary policy tightening fears. It went back to the $1,800 level where it’s been fluctuating for months in 2021. This morning yellow metal is trading higher following U.S. dollar weakness, 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 after bouncing from the $1,800 price level. It is trading along its recent daily highs. What about the other precious metals? Silver is 0.5% higher, platinum is 1.1% higher and palladium is 0.1% lower. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Empire State Manufacturing Index release has been worse than expected at -11.6 (exp. 15.3). Today we will get the important Retail Sales release at 8:30 a.m., Industrial Production release at 8:15 a.m. and the Fed Chair Powell’s speech at 2:00 p.m., 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.

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

Wednesday, May 18

  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 8:30 a.m. Canada – CPI m/m
  • 9:30 p.m. Australia – Employment Change, Unemployment Rate
  • Tentative, Eurozone – ECB Financial Stability Review

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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