Daily Gold News: Thursday, May 28 – Gold Higher Again

Paul Rejczak

The gold futures contract gained 1.24% on Wednesday, as the market retraced most of its Tuesday’s decline. It bounced off a $1,700 support level again. Gold has been trading within a downward correction after reaching new monthly high of $1,775.80 on Monday a week ago. But yesterday’s price action was quite bullish and today it goes higher. But gold extends an over month-long consolidation, as we can see on the daily chart:

Gold is 0.7% higher today, as it is extending a short-term uptrend. Financial markets remain in risk-on mode, as stocks reach new medium-term highs. What about the other precious metals?: Silver gained 0.92% on Wednesday and today it is 0.4% higher, platinum gained 0.55% and today is trading 0.5% lower. Palladium lost 0.54% yesterday and today it is 0.6% lower again.

The recent economic data releases have been confirming negative coronavirus impact on global economies. Today’s U.S. GDP number release came out at -5.0% and Durable Goods Orders fell by 17.2%. The Unemployment Claims remained steady at over 2 million. We will also await the Pending Home Sales number release at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days. Tomorrow we will get another series of the U.S. economic data releases and a speech from the Fed Chair Powell at 11:00 a.m.:

Thursday, May 28

  • 8:30 a.m. U.S. – Preliminary GDP q/q, Unemployment Claims , Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q
  • 10:00 a.m. U.S. – Pending Home Sales m/m
  • 11:00 a.m. U.S. – FOMC Member Williams Speech

Friday, May 29

  • 5:00 a.m. Eurozone – CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:30 a.m. Canada – GDP m/m, RMPI m/m, IPPI m/m
  • 8:30 a.m. U.S. – Personal Spending m/m, Personal Income m/m, Core PCE Price Index m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 11:00 a.m. U.S. – Fed Chair Powell 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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This article was originally posted on FX Empire

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