Daily Gold News: Thursday, May 6 – Gold Bouncing Back and Forth

The gold futures contract gained 0.47% on Wednesday, as it extended its short-term consolidation. 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 closer to the recent local highs, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.3% higher this morning, as it is trading closer to $1,800 price level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.8% higher and palladium is 0.8% lower today. So precious metals are higher this morning.

Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at +742,000. The ISM Services PMI has also been worse than expected at 62.7. Today we will get the Unemployment Claims release, among others.

The markets will be waiting for tomorrow’s monthly jobs data release.

Where would the price of gold go following Friday’s NFP release? We’ve compiled the data since September of 2018, a 32-month-long period of time that contains of thirty two NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold gained 1.92% in April and it gained 2.54% in March.

The following chart shows the average gold price path before and after the NFP releases for the past 32 months. The market was usually advancing ahead of the release day and closing 0.49% higher 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:

Thursday, May 6

  • 7:30 a.m. U.S. – Challenger Job Cuts y/y
  • 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q
  • 1:00 p.m. U.S. – FOMC Member Bostic Speech

Friday, May 7

  • 6:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada – Employment Change, Unemployment Rate
  • 10:00 U.S. – Final Wholesale Inventories m/m
  • 10:00 a.m. Canada – Ivey PMI

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.

* * * * *


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.