Daily Gold News: Tuesday, May 26 – No Clear Short-Term Direction

The gold futures contract traded within a downward correction from its new monthly high of $1,775.80 last week. It has retraced almost all of the decline from April 14 high of $1,788.80 on Monday, before reversing downwards again. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart (updated on Friday):

Gold is 0.3% unchanged today, as it trading along the price of $1,730. What about the other precious metals?: Silver is 1.7% higher this morning, platinum is 0.4% lower, and palladium is down 0.8%. Precious metals are extending their short-term consolidation today.

Last week’s economic data releases didn’t bring much surprises. They have been confirming a negative coronavirus impact on global economies. Thursday’s Philly Fed Manufacturing Index came at over -43.1 points and the Unemployment Claims were over 2.4 million. Flash Manufacturing and Services PMI’s have been as expected, however still below the 50 mark. The markets are used to bad economic numbers, as stocks remain relatively close to their medium-term local highs following rebounding from the late March lows. On Friday, we didn’t get any important economic data. And yesterday there was a bank holiday in the U.S. – Memorial Day.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days. Investors will await today’s U.S. CB Consumer Confidence along with the New Home Sales data releases:

Tuesday, May 26

• 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
• 9:00 a.m. Eurozone – ECB Financial Stability Review
• 10:00 a.m. U.S. – CB Consumer Confidence, New Home Sales
• 1:00 p.m. U.S. – FOMC Member Kashkari Speech
• 5:00 p.m. Canada – BOC Governor Poloz Speech

Wednesday, May 27

• 3:30 a.m. Eurozone – ECB President Lagarde Speech
• 10:00 a.m. U.S. – Richmond Manufacturing Index
• 2:00 p.m. U.S. – Beige Book

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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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