Daily Gold News: Tuesday, May 24 – Gold Price Fluctuates Along $1,850

Gold Price Forecast

The gold futures contract gained 0.31% on Monday, May 23, as it extended its last week’s advance. The market retraced some of the recent downtrend after bouncing from the 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 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 0.3% higher this morning, as it is trading within yesterday’s daily price range. What about the other precious metals? Silver is 0.6% higher, platinum is 0.3% lower and palladium is 0.9% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Today we will get the Flash Manufacturing PMI, Flash Services PMI, New Home Sales and Richmond Manufacturing Index releases. We will also have speeches from the Fed Chair Powell and ECB President Lagarde.

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 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

Wednesday, May 25

  • 4:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 12:15 p.m. U.S. – FOMC Member Brainard Speech
  • 2:00 p.m. U.S. – FOMC Meeting Minutes
  • Tentative, Japan – BOJ Governor Kuroda Speech
  • 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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