Daily Gold News: Tuesday, May 4 – Retracing Monday’s Advance

The gold futures contract gained 1.36% on Monday, as it got back to the recent local highs again.

In early April the market has bounced from the support level marked by March 8 local low of $1,663.30. The yellow metal’s price was the lowest since last year’s June. Today gold is trading lower, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.6% lower this morning, as it is retracing some of yesterday’s advance. What about the other precious metals? Silver is 0.6% lower, platinum is 0.7% higher and palladium is 1.0% higher today. So precious metals are mixed this morning.

Yesterday’s U.S. ISM Manufacturing PMI release has been worse than expected at 60.7. Today we will get the Factory Orders number.

Where would the price of gold go following Thursday’s U.S. Advance GDP release? We’ve compiled the data since January of 2013, an over 8-year-long period of time that contains of thirty three Advance GDP releases. The following chart shows the average gold price path before and after the U.S. Advance GDP releases for the past 33 months. The market was usually going sideways ahead of the release day and closing 0.21% lower on the 10th day after the NFP release.

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

Tuesday, May 4

  • 12:30 a.m. Australia – RBA Rate Statement, Cash Rate
  • 10:00 a.m. U.S. – Factory Orders m/m
  • 1:00 p.m. U.S. – FOMC Member Daly Speech
  • All Day, Japan – Bank Holiday
  • All Day, China – Bank Holiday

Wednesday, May 5

  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 9:30 a.m. U.S. – FOMC Member Evans Speech
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI
  • 3:00 p.m. U.S. – FOMC Member Evans Speech
  • 6:30 p.m. Canada – BOC Governor Macklem Speech
  • Tentative, Eurozone – EU Economic Forecasts

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

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

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