Daily Gold News: Wednesday, May 25 – Precious Metals Retrace Their Recent Advance

Gold Price Forecast

The gold futures contract gained 0.95% on Tuesday, May 24, as it extended its short-term uptrend. The market retraced more of the recent downtrend after bouncing from 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 retracing its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.8% lower this morning, as it is trading along the $1,850 price level. What about the other precious metals? Silver is 1.5% lower, platinum is 1.5% lower and palladium is 0.6% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Flash Manufacturing PMI, Flash Services PMI, New Home Sales and Richmond Manufacturing Index releases have been worse than expected. Today we will get the important FOMC Meeting Minutes release 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.

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

Thursday, May 26

  • 8:30 a.m. U.S. – Preliminary GDP q/q, Unemployment Claims
  • 10:00 a.m. U.S. – Pending Home Sales m/m
  • All Day, Eurozone – French Bank Holiday, German 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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