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.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported.

The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.