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Daily Gold News: Thursday, May 21 - Precious Metals Taking a Breather

 

May 21, 2020 (Investorideas.com Newswire) The gold futures contract gained 0.37% on Wednesday as it continued to fluctuate after reaching new monthly high of $1,775.80 on Monday. It has retraced almost all of its downward correction from April 14 high of $1,788.80. The market is extending over month-long consolidation, as we can see on the daily chart:


Gold is 0.5% lower today and it remains close to yesterday's daily low. What about the other precious metals?: Silver gained 0.73% on Wednesday and today it is 1.3% lower. Platinum gained 5.05% and today it is 1.8% lower. Palladium gained 4.08% and today it is declining by 1.86. So precious metals are trading within a short-term correction this morning.

Today's economic data releases have been as expected so far. The Philly Fed Manufacturing Index lost over 40 points and the Unemployment Claims came in at over 2.4 million. But the markets are used to bad economic numbers, as stocks are set to open relatively flat. We will also wait for the most important piece of economic data today, Flash Manufacturing and Services PMI's at 9:45 a.m. Then, the Fed Chair Powell will speak. Take a look at our Monday's Market News Report to find out about this week's economic data announements.

And here's Gold, Silver, and Mining Stocks economic news schedule for today:

Thank you for reading today's quick gold news guide. If you enjoyed it, we invite you to read also our other gold market analyses. This includes our free Fundamental Gold Reports as well as premium Gold & Silver Trading Alerts with clear buy and sell signals and weekly premium Gold Investment Updates. Great way to check out all the above (also the premium services - free for 7 days!), is to sign up for our no-obligation free gold newsletter. We'll only ask to whom (just the first name) and to what e-mail address we should be sending our analyses. Sign up today.

Thank you.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care

Disclaimer

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