Daily Gold News: Monday, May 2 – Gold Breaks Below $1,900 Again

Gold Price Action

The gold futures contract gained 1.08% on Friday, Apr. 29, as it retraced some of the recent declines. The market continued to fluctuate along the $1,900 price level after going down on strenghtening U.S. dollar, Fed’s monetary policy tightening plans, among other factors. This morning gold is below the $1,900 level again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.8% lower this morning, as it is trading closer to its last week’s low. What about the other precious metals? Silver is 0.2% lower, platinum is unchanged and palladium is 2.3% lower. So the main precious metals’ prices are lower this morning.

Gold Fundamental Analysis and Economic News Schedule

Friday’s Core PCE Price Index release has been as expected at +0.3%. Today we will get the ISM Manufacturing PMI release at 10:00 a.m. On Wednesday we will get the important FOMC Monetary Policy release and on Friday there will be a monthly jobs data announcement.

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

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Monday, May 2

  • 9:45 a.m. U.S. – Final Manufacturing PMI
  • 10:00 a.m. U.S. – ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • All Day, China – Bank Holiday
  • All Day, Japan – Bank Holiday
  • All Day, U.K. – Bank Holiday

Tuesday, May 3

  • 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
  • 10:00 a.m. U.S. – JOLTS Job Openings, Factory Orders m/m
  • All Day, Eurozone – ECOFIN Meetings, Eurogroup Meetings
  • All Day, China – Bank Holiday
  • All Day, Japan – Bank Holiday

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

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