Daily Gold News: Wednesday, May 18 – Gold Price Remains Close to $1,800

Gold Price Recap

The gold futures contract gained 0.27% on Tuesday, May 17, as it retraced some of the recent decline. On Monday the market reached the new local low of $1,785.00, but it closed above the $1,800 level. Gold retraced almost all of the February-March rally on strengthening U.S. dollar, Fed’s monetary policy tightening fears. It went back to the $1,800 level where it’s been fluctuating for months in 2021. This morning yellow metal is trading within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower this morning, as it remains close to the $1,800 price level. It is trading within a short-term consolidation following a month-long decline. What about the other precious metals? Silver is 0.3% lower, platinum is 1.0% higher and palladium is 0.4% higher. So the main precious metals’ prices are slightly lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Retail Sales release has been slightly lower than expected at +0.9% (expected +1.0% m/m). Today we will get the Housing Starts, Building Permits releases at 8:30 a.m.

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.

Wednesday, May 18

• 8:30 a.m. U.S. – Housing Starts, Building Permits
• 8:30 a.m. Canada – CPI m/m
• 9:30 p.m. Australia – Employment Change, Unemployment Rate
• Tentative, Eurozone – ECB Financial Stability Review

Thursday, May 19

• 8:30 a.m. U.S. – Unemployment Claims, Philly Fed Manufacturing Index
• 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m

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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