Gold Price Recap
The gold futures contract lost 0.16% on Wednesday, May 18, as it continued to fluctuate following the recent declines. On Monday the market reached new local low of $1,785.00, but it closed above the $1,800 level. Gold retraced almost all of the February-March rally on strengthening U.S. dollar, Fed’s monetary policy tightening fears. It went back to the $1,800 level where it’s been fluctuating for months in 2021. This morning yellow metal is trading closer to the recent local highs, still within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
Precious Metals Price Action
Gold is 0.7% higher this morning, as it is bouncing from the $1,800 price level. It is still trading within a short-term consolidation following a month-long decline. What about the other precious metals? Silver is 1.1% higher, platinum is 0.4% higher and palladium is 0.8% lower. So the main precious metals’ prices are higher this morning.
Fundamentals and Economic News Schedule
Yesterday’s Housing Starts release has been slightly lower than expected at 1.72M, and the Building Permits release has been slightly higher than expected at 1.82M. Today we will get the Unemployment Claims, Philly Fed Manufacturing Index, Existing Home Sales and CB Leading Index releases.
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.
Thursday, May 19
- 8:30 a.m. U.S. – Unemployment Claims, Philly Fed Manufacturing Index
- 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m
Friday, May 20
- All Day, Australia – Parliamentary Elections
For a look at all of today’s economic events, check out our economic calendar.
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