Yahoo Finance 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.
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Disclaimer
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This article was originally posted on FX Empire
