Advertisement
Advertisement

Daily Gold News: Monday, May 17 – Gold Slightly Higher, Extending Advance

By:
Paul Rejczak
Published: May 17, 2021, 11:47 UTC

Gold is 0.3% higher this morning, as it is extending the short-term uptrend. What about the other precious metals?

Gold

In this article:

The gold futures contract gained 0.77% on Friday, as it continued to fluctuate following its previous week’s rally. The price broke above a short-term consolidation along $1,800 price level. In early April the market has bounced from the support level marked by March 8 local low of $1,663.30. The yellow metal’s price was the lowest since last year’s June. Today gold is trading slightly above the mentioned consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

undefined

Gold is 0.3% higher this morning, as it is extending the short-term uptrend. What about the other precious metals? Silver is 0.8% higher, platinum is virtually flat and palladium is 0.3% higher today. So precious metals are higher this morning.

Friday’s important Retail Sales release has been worse than expected at 0.0% m/m. Today we will get the Empire State Manufacturing Index release, among others.

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

Monday, May 17

  • 8:30 a.m. U.S. – Empire State Manufacturing Index
  • 10:00 a.m. U.S. – NAHB Housing Market Index
  • 10:05 a.m. U.S. – FOMC Member Clarida Speech
  • 10:25 a.m. U.S. – FOMC Member Bostic Speech, FOMC Member Clarida Speech

Tuesday, May 18

  • 8:30 a.m. U.S. – Building Permits, Housing Starts
  • 12:30 p.m. U.S. – FOMC Member Bostic Speech

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.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

Did you find this article useful?

Advertisement