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Daily Gold News: Friday, May 22 - Less Volatility Ahead of Long Holiday Weekend

 

May 22, 2020 (Investorideas.com Newswire) The gold futures contract lost 1.72% on Thursday as it extended a downward correction from Monday's new monthly high of $1,775.80. The market reached its daily low at $1,715.30 yesterday. On Monday it had retraced almost all of the decline from April 14 high of $1,788.80, before it reversed lower. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart:


Gold is 0.3% higher today, as it fluctuates following yesterday's relatively large decline. What about the other precious metals?: Silver lost 3.70% on Thursday and today it is unchanged. Platinum lost 7.28% and today it is 1.1% higher. Palladium lost 4.50% and today it is down 2.5%. So precious metals have been retracing their recent advances.

Yesterday's economic data releases didn't bring much surprises. The Philly Fed Manufacturing Index lost over 40 points and the Unemployment Claims came in at over 2.4 million. And Flash Manufacturing and Services PMI's have been as expected. But 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.

There won't be any important Gold, Silver, and Mining Stocks economic news scheduled for today. Financial markets will likely extend their intraday consolidation ahead of the Bank Holiday on Monday (Memorial Day).

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

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