Daily Gold News: Wednesday, May 19 – Gold Backing Off Highs

The gold futures contract gained 0.02% on Tuesday, as it fluctuated following breaking above the short-term consolidation along $1,850 price level on Monday. 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 retracing some of its Monday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.7% lower this morning, as it is trading closer to $1,850 price level again. What about the other precious metals? Silver is 2.0 % lower, platinum is 1.3% lower and palladium is 1.5% lower today. So precious metals are lower this morning.

Yesterday’s Housing Starts release has been worse than expected at 1.57 million. The Building Permits release has been as expected at 1.76 million. Today we will get the FOMC Meeting Minutes announcement at 2:00 p.m., among others.

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

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

Thursday, May 20

• 8:00 a.m. Eurozone – ECB President Lagarde Speech
• 8:30 a.m. U.S. – Unemployment Claims, Philly Fed Manufacturing Index
• 10:00 a.m. U.S. – CB Leading Index m/m

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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