Daily Gold News: Monday, May 16 – Gold Price is at $1,800 Again
Gold Price Recap
The gold futures contract lost 0.90% on Friday, May 13, following its Thursday’s decline of 1.6%, as it further extended its downtrend. The market retraced almost all of the February-March rally and broke below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. Gold price went back to the $1,800 where it’s been fluctuating for months in 2021. This morning yellow metal is trading along its Friday’s closing price after bouncing from the new local low, as we can see on the daily chart (the chart includes today’s intraday data):
Precious Metals Price Action
Gold is 0.3% lower this morning, as it is trading along the $1,800 price level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.7% lower and palladium is 1.1% lower. So the main precious metals’ prices are mixed this morning.
Fundamentals and Economic News Schedule
Friday’s Michigan Sentiment release has been worse than expected at 59.1 vs. the expectations of 64.1. Today we will get the Empire State Manufacturing Index release at 8:30 a.m. Investors will be waiting for tomorrow’s Retail Sales release and the important Fed Chair Powell speech.
The markets will 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.
Monday, May 16
- 5:00 a.m. Eurozone – EU Economic Forecasts
- 8:30 a.m. U.S. – Empire State Manufacturing Index
- 8:55 a.m. U.S. – FOMC Member Williams Speech
- 4:00 p.m. U.S. – TIC Long-Term Purchases
- 9:30 p.m. Australia – Monetary Policy Meeting Minutes
Tuesday, May 17
- 8:00 a.m. U.S. – FOMC Member Bullard Speech
- 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
- 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
- 1:00 p.m. Eurozone – ECB President Lagarde Speech
- 2:30 p.m. U.S. – Fed Chair Powell Speech
- 2:30 p.m. U.S. – FOMC Member Mester Speech
For a look at all of today’s economic events, check out our economic calendar.
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