Daily Gold News: Wednesday, May 26 – Gold Breaking Above $1,900

The gold futures contract gained 0.72% on Tuesday, as it broke above its short-term consolidation. In early April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. Today gold is trading above $1,900 price mark and it’s the highest since early January, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.5% higher this morning following breaking above $1,900. What about the other precious metals? Silver is 0.3% higher, platinum is 0.8% higher and palladium is 0.8% higher today. So precious metals are higher this morning.

Yesterday’s Consumer Confidence number release has been worse than expected at 117.2. The markets will be waiting for tomorrow’s Preliminary GDP and Unemployment Claims releases.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, May 26

  • 10:00 a.m. U.S. – FOMC Member Quarles Speech
  • 3:00 p.m. U.S. – FOMC Member Quarles Speech

Thursday, May 27

  • 8:30 a.m. U.S. – Preliminary GDP q/q , Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q
  • 10:00 a.m. U.S. – Pending Home Sales m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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