Daily Gold News: Monday, May 23 – Gold Extends its Short-Term Advance

Gold Price Recap

The gold futures contract gained 0.05% on Friday, May 20, as it fluctuated following its Thursday’s advance of 1.4%. The market retraced some of the recent declines after bouncing from its last Monday’s new medium-term low of $1,785.00. Recently gold retraced 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 higher after breaking above the $1,850 level, 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 trading above the $1,850 price level. What about the other precious metals? Silver is 1.5% higher, platinum is 2.0% higher and palladium is 3.9% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Today we won’t get any new important economic data releases. The markets will be waiting for tomorrow’s Fed Chair Powell speech, among others.

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.

Monday, May 23

• 4:00 a.m. Eurozone – German ifo Business Climate
• 12:15 p.m. U.K. – BOE Governor Bailey Speech
• 7:00 p.m. U.S. – FOMC Member George Speech
• All Day, Eurozone – Eurogroup Meetings
• All Day, Canada – Bank Holiday

Tuesday, May 24

• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – New Home Sales, Richmond Manufacturing Index
• 12:20 p.m. U.S. – Fed Chair Powell Speech
• 2:00 p.m. Eurozone – ECB President Lagarde Speech
• All Day, Eurozone – ECOFIN Meetings

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

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

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