Daily Gold News: Friday, May 6 – Gold Price Extends Short-Term Consolidation

Gold Price Recap

The gold futures contract gained 0.37% on Thursday, May 5, as it continued to fluctuate following the recent declines. Gold broke above the $1,900 price level again, but it came back below that resistance level following stock markets’ sell-off and strengthening U.S. dollar. This morning the yellow metal is trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% higher this morning, as it is trading within a consolidation. What about the other precious metals? Silver is 0.1% lower, platinum is 2.6% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.


Yesterday’s Unemployment Claims release has been worse than expected at 200,000 vs. the expected 180,000 number. The market will be waiting for today’s monthly jobs data announcement.

The markets will continue to react to the ongoing Russia-Ukraine war news.

Where Would the Price of Gold Go Following Wednesday’s Fed Release?

We’ve compiled the data since January of 2017, a 62-month-long period of time that contains of forty three FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 43 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.68% higher 10 days after the FOMC Statement announcement.

Economic News Schedule

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today.

Friday, May 6

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada – Employment Change, Unemployment Rate
  • 9:15 a.m. U.S. – FOMC Member Williams Speech
  • 3:00 p.m. U.S. – Consumer Credit m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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