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Daily Gold News: Tuesday, May 10 – Gold Trades Along the Recent Lows

By:
Paul Rejczak
Published: May 10, 2022, 11:43 UTC

Gold is 0.2% higher this morning, as it is trading slightly above the $1,850 level. What about the other precious metals?

Daily Gold News: Tuesday, May 10 – Gold Trades Along the Recent Lows

In this article:

Gold Price Recap

The gold futures contract lost 1.29% on Monday, May 9, as it extended a short-term consolidation below the $1,900 price level. Gold continues to fluctuate after declining from the resistance level of $2,000 in April on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning the 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):

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Precious Metals Price Action

Gold is 0.2% higher this morning, as it is trading slightly above the $1,850 level. What about the other precious metals? Silver is unchanged, platinum is 1.7% higher and palladium is 0.8% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Wholesale Inventories number release has been as expected at +2.3%. Today we will get speeches from the Fed members, and the markets will be waiting for the important Consumer Price Index release tomorrow.

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.

Tuesday, May 10

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment
  • 6:00 a.m. U.S. – NFIB Small Business Index
  • 7:40 a.m. U.S. – FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Waller Speech
  • 3:00 p.m. U.S. – FOMC Member Mester Speech

Wednesday, May 11

  • 4:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 2:00 p.m. U.S. – Federal Budget Balance
  • All Day – OPEC 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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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.

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