The gold futures contract traded within a downward correction from its new monthly high of $1,775.80 last week. It has retraced almost all of the decline from April 14 high of $1,788.80 on Monday, before reversing downwards again. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart (updated on Friday):
Gold is 0.3% unchanged today, as it trading along the price of $1,730. What about the other precious metals?: Silver is 1.7% higher this morning, platinum is 0.4% lower, and palladium is down 0.8%. Precious metals are extending their short-term consolidation today.
Last week’s economic data releases didn’t bring much surprises. They have been confirming a negative coronavirus impact on global economies. Thursday’s Philly Fed Manufacturing Index came at over -43.1 points and the Unemployment Claims were over 2.4 million. Flash Manufacturing and Services PMI’s have been as expected, however still below the 50 mark. The markets are used to bad economic numbers, as stocks remain relatively close to their medium-term local highs following rebounding from the late March lows. On Friday, we didn’t get any important economic data. And yesterday there was a bank holiday in the U.S. – Memorial Day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days. Investors will await today’s U.S. CB Consumer Confidence along with the New Home Sales data releases:
Tuesday, May 26
- 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
- 9:00 a.m. Eurozone – ECB Financial Stability Review
- 10:00 a.m. U.S. – CB Consumer Confidence, New Home Sales
- 1:00 p.m. U.S. – FOMC Member Kashkari Speech
- 5:00 p.m. Canada – BOC Governor Poloz Speech
Wednesday, May 27
- 3:30 a.m. Eurozone – ECB President Lagarde Speech
- 10:00 a.m. U.S. – Richmond Manufacturing Index
- 2:00 p.m. U.S. – Beige Book
Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
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.