Daily Gold News: Tuesday, May 18 – Gold’s Breakout, Closer to $1,900 Mark

The gold futures contract gained 1.60% on Monday, as it broke above the short-term consolidation along $1,850 price level. In early April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. Today gold is trading along yesterday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.1% higher this morning, as it is trading above $1,850 price level. What about the other precious metals? Silver is 0.8% higher, platinum is 1.5% lower and palladium is 0.7% higher today. So precious metals are mixed this morning.

Yesterday’s Empire State Manufacturing Index release has been slightly better than expected at 24.3. Today we will get Building Permits, Housing Starts numbers at 8:30 a.m.

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

Tuesday, May 18

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

Wednesday, May 19

• 8:30 a.m. Canada – CPI m/m
• 11:35 a.m. U.S. – FOMC Member Bostic Speech
• 2:00 p.m. U.S. – FOMC Meeting Minutes
• 9:30 p.m. Australia – Employment Change, Unemployment Rate
• Tentative, Eurozone – ECB Financial Stability Review

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.

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