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Daily Gold News: Tuesday, May 17 – Gold Bounces From the $1,800 Level

Gold Price Recap

The gold futures contract gained 0.32% on Monday, May 16, as it fluctuated following its recent declines. The market reached the new local low of $1,785.00, but it closed above the $1,800 level again. 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 higher following U.S. dollar weakness, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% higher this morning after bouncing from the $1,800 price level. It is trading along its recent daily highs. What about the other precious metals? Silver is 0.5% higher, platinum is 1.1% higher and palladium is 0.1% lower. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Empire State Manufacturing Index release has been worse than expected at -11.6 (exp. 15.3). Today we will get the important Retail Sales release at 8:30 a.m., Industrial Production release at 8:15 a.m. and the Fed Chair Powell’s speech at 2:00 p.m., among others.

ANNUNCIO PUBBLICITARIO

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.

Tuesday, May 17

  • 8:00 a.m. U.S. – FOMC Member Bullard Speech

  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m

  • 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate

  • 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index

  • 1:00 p.m. Eurozone – ECB President Lagarde Speech

  • 2:30 p.m. U.S. – Fed Chair Powell Speech

  • 2:30 p.m. U.S. – FOMC Member Mester Speech

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

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.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

This article was originally posted on FX Empire

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