Gold FX Empire

Daily Gold News: Tuesday, May 31 – Gold Extends its Short-Term Consolidation

Gold Price Recap

The gold futures contract gained 0.35% on Monday, May 30, as it further extended its short-term consolidation along the $1,850 price level. In mid-May gold fell below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning yellow metal is still trading along 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 0.4% lower this morning, as it is still trading within a consolidation. What about the other precious metals? Silver is 1.3% lower, platinum is 0.4% higher and palladium is 1.1% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday we had relatively low volatility in the markets due to the holiday in the U.S. Today the markets will be waiting for the CB Consumer Confidence release at 10:00 a.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 31

  • 8:30 a.m. Canada – GDP m/m
  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – CB Consumer Confidence
  • 9:30 a.m. Australia – GDP q/q

Wednesday, June 1

  • 7:00 a.m. Eurozone – ECB President Lagarde Speech
  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, JOLTS Job Openings
  • 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate
  • 11:30 a.m. U.S. – FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Bullard Speech
  • 2:00 p.m. U.S – Beige Book
  • All Day, China – Bank Holiday

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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