Daily Gold News: Friday, May 20 – Gold Price Broke Above Short-Term Trading Range

Gold Price Recap

The gold futures contract gained 1.39% on Thursday, May 19, as it broke above its short-term trading range after bouncing from the $1,800 price level again. 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. So it went back to the $1,800 level where it’s been fluctuating for months in 2021. This morning yellow metal is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% higher this morning, as it is trading closer to the $1,850 price level. It broke above a short-term consolidation following month-long decline. What about the other precious metals? Silver is 0.4% higher, platinum is 0.3% higher and palladium is 0.3% lower. So the main precious metals’ prices are slightly higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Unemployment Claims release has been higher than expected at 218,000. Today we won’t get any new important economic data 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 today.

Friday, May 20

• All Day, Australia – Parliamentary Elections

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

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