Daily Gold News: Wednesday, May 5 – Gold Remains Within a 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 along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.1% lower this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 0.6% lower, platinum is 1.1% lower and palladium is 0.4% higher today. So precious metals are mixed this morning.

Yesterday’s U.S. Factory Orders release has been slightly worse than expected at +1.1%. Today we will get the ADP Non-Farm Employment Change release at 8:15 a.m., among others.

The markets will be waiting for Friday’s U.S. monthly jobs data release.

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

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

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

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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