Daily Gold News: Monday, May 25 – Gold Trading Along Last Week’s Lows
The gold futures contract gained 0.79% on Friday as it slightly retraced Thursday decline of 1.7%. On Thursday it extended a downward correction from the last Monday’s new monthly high of $1,775.80. The market has retraced almost all of the decline from April 14 high of $1,788.80, before reversing downwards again. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart:
Gold is 0.3% lower today, as it extends a short-term consolidation following last Thursday’s decline. What about the other precious metals?: Silver gained 1.89% on Friday and today it is 0.5% lower. Platinum gained 2.29% and today it is 0.7% lower. And palladium lost 4.13%. Today it is 0.3% higher. Precious metals are within a short-term consolidation today.
Last week’s economic data releases didn’t bring much surprises. They have been confirming a negative coronavirus impact on gobal economies for some time. 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 today, there’s a bank holiday in the U.S. – Memorial Day. So markets’ volatility is somewhat less than usual.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days. Investors will wait for tomorrow’s U.S. CB Consumer Confidence along with the New Home Sales data releases:
Monday, May 25
1:30 p.m. Canada – BOC Governor Poloz Speech
All Day, U.S. – Bank Holiday (Memorial Day)
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
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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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Disclaimer
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This article was originally posted on FX Empire
