Daily Gold News: Tuesday, May 3 – Gold Price Extended its Downtrend

Gold Price Recap

The gold futures contract lost 2.52% on Monday, May 2, as it fell closer to the $1,850 price level. The yellow metal retraced its Friday’s gain of 1.1% and it was the lowest since mid-February. The market is still reacting to strong U.S. dollar and Fed’s monetary policy tightening plans. This morning gold is trading along the yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower this morning, as it is trading slightly above the $1,850 price level. What about the other precious metals? Silver is 0.1% higher, platinum is 1.1% higher and palladium is 1.8% higher. So the main precious metals’ prices are mixed this morning.

Gold Fundamental Analysis and Economic News Schedule

Yesterday’s ISM Manufacturing PMI release has been worse than expected at 55.4. Today we will get the JOLTS Job Openings at 10:00 a.m. Tomorrow, the important FOMC Monetary Policy will be released and on Friday we will get the monthly jobs data.

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.

Tuesday, May 3

  • 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
  • 9:00 a.m. – ECB President Lagarde Speech
  • 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

Wednesday, May 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
  • 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate
  • 2:30 p.m. U.S. – FOMC Press Conference
  • All Day, Japan – Bank Holiday

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

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