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.
Stock Trading Strategist
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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.