Gold daily news: XAU/USD trading along last week’s lows

Paul Rejczak Sunshine Profits

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

Want free follow-ups to the above article and details not available to 99%+ investors? Sign up to our free newsletter today!

Author

Paul Rejczak

Sunshine Profits

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties.

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.