The gold futures contract gained 0.95% on Tuesday, as it retraced some more of its recent declines after bouncing from $1,860 price level. Gold continues to fluctuate following September’s decline off August 7 record high at $2,089.20 to around $1,850. The yellow metal has been bouncing from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold is 0.1% lower this morning. However, we can see a relatively large daily trading range today. What about the other precious metals? Silver gained 1.25% on Tuesday and today it is 0.7% lower. Platinum gained 1.80% and today it is unchanged. Palladium gained 3.49% yesterday and today it’s 0.2% lower. So precious metals’ price changes are mixed this morning .
Yesterday’s Factory Orders release has been slightly better than expected at +1.1%. But the markets were focused on U.S. Presidential Election and we’ve seen an increased after-hours volatility. Today we will get the ADP Non-Farm Employment Change release at 8:15 a.m. and the ISM Services PMI at 10:00 a.m.
And on Thursday there will be the FOMC Statement release followed by Friday’s monthly jobs data .
Let’s focus on Tuesday’s U.S. Presidential Election . Where would the price of gold go following that important event? We’ve compiled the data since 1992, a 28-year-long period of time that contains of seven U.S. Presidential Elections. The chart shows price paths 5 days before and 10 days after the election day. Gold gained the most in 2004 and lost the most in 2016. On average, it was around 0.5% lower 10 days after.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, November 4
- 8:15 a.m. U.S. – ADP Non-Farm Employment Change
- 8:30 a.m. U.S. – Trade Balance
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – ISM Services PMI
Thursday, November 5
- 7:30 a.m. U.S. – Challenger Job Cuts y/y
- 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 2:00 p.m. U.S. – FOMC Statement , Federal Funds Rate , FOMC Press Conference
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
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