Daily Gold News: Tuesday, May 19 – Gold Backs From April’s High

The gold futures lost 1.25% on Monday after reaching new monthly high of $1,775.80. It has retraced almost all of its month-long decline from April’s high. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. The market has reversed its short-term uptrend yesterday, as it fell below Friday’s daily trading range. Today, gold is trading along its Monday’s daily lows.

Gold is 0.1% higher today, as it trades along yesterday’s closing price. Meanwhile, the global financial markets continue to hover along their local highs this morning. What about the other precious metals?: Silver gained 2.33% on Monday and today it is 0.7% higher. Platinum gained 6.39% and today it is 1.6% higher. Palladium gained 9.11% and today it is gaining another 2.3%.

The recent economic data releases have been confirming coronavirus damage to the U.S. economy. However, today we’ve got better-than-expected German ZEW Economic Sentiment number at 5:00 a.m. The U.S. Building Permits/ Housing Starts number have been as expected but lower than the previous ones. Investors will await the Fed Chair Powell Testimony at 10:00 a.m. Take a look at our Monday’s Market News Report to find out about this week’s economic data announements.

Here’s Gold, Silver, and Mining Stocks economic news schedule for today:

• 8:30 a.m. U.S. – Housing Starts, Building Permits
• 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
• 9:30 p.m. China – PBoC Loan Prime Rate
• All Day, Eurozone – ECOFIN Meetings

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

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