• 4 days Quantum Computing Is The Newest Megatrend In Silicon Valley
  • 5 days How To Invest In The Cybersecurity Boom
  • 7 days Investors Are Patient With Unprofitable Giants
  • 9 days Wells Fargo Back In The Scandal Spotlight Once Again
  • 11 days 5 Stocks To Keep A Close Eye On This Year
  • 12 days As Auto Giants Flail, Look To Chip Stocks For Gains
  • 13 days Central America Is Ready For The Bitcoin Hustle
  • 15 days China’s Video Game Restrictions Unlikely To Slow Down Booming Industry
  • 16 days Top Performing Stocks As Inflation Fears Grow
  • 17 days US Airline Stocks Take A Beating On New EU Restrictions
  • 18 days This IPO Could Open Sustainable Fashion Floodgates
  • 19 days Crypto Crime Nets Another $2B Fraudster
  • 21 days This Week’s Hottest Meme Stocks
  • 22 days Why World Markets Should Be Watching Germany Closely
  • 24 days Could ‘Cultured’ Meat Rival The Plant-Based Megatrend?
  • 27 days ‘Easy Money’: Crypto Is Still Attracting Newbie Investors
  • 28 days Foreign Syndicates May Have Stolen Up To $400B In COVID Benefits
  • 29 days Gold Jumps Above $1800 Ahead Of Jackson Hole Summit
  • 29 days International Banks Blacklist Afghanistan Following Taliban Takeover
  • 31 days China’s Tycoons Are Getting A Serious Reality Check
Is A Massive Gold Rally On The Horizon?

Is A Massive Gold Rally On The Horizon?

Gold prices have fallen from…

A Looming Decision From The Fed Could Send Gold Soaring

A Looming Decision From The Fed Could Send Gold Soaring

The European Central Bank (ECB)…

Paul Rejczak

Paul Rejczak

Writer, Sunshine Profits

Stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Gold Flat As Markets Await Fed Chair Speech

Gold

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 flat today. 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

By Paul Rejczak via Sunshine Profits

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment