Daily Gold News: Gold Higher as Election Uncertainty Persists
The gold futures contract lost 0.74% on Wednesday, as it fluctuated following the U.S. Presidential Election uncertainty. Gold continues to trade within a consolidation after September’s decline from August 7 record high at $2,089.20 to local low of around $1,850. Recently the yellow metal has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold is 0.9% higher this morning, as it retraces yesterday’s decline following weakening U.S. dollar. What about the other precious metals? Silver lost 1.81% on Wednesday and today it is 2.8% higher. Platinum lost 0.56% and today it is 1.5% higher. Palladium gained 0.43% yesterday and today it’s 3.2% higher. So precious metals are advancing this morning .
Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at only +365,000. The ISM Services PMI number has been slightly worse than expected at 56.6.
Today we will get the Unemployment Claims and Preliminary Nonfarm Productivity numbers at 8:30 a.m. But the markets will be waiting for the FOMC Statement release at 2:00 p.m.
And tomorrow we will get monthly jobs data .
Let’s focus on Tuesday’s U.S. Presidential Election . Where would the price of gold go following that event? We’ve compiled the data since 1992, a 28-year-long period of time that contains of seven U.S. Presidential Elections. The chart shows price paths 5 days before and 10 days after the election day. Gold gained the most in 2004 and lost the most in 2016. On average, it was around 0.5% lower 10 days after.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, November 5
- 7:30 a.m. U.S. – Challenger Job Cuts y/y
- 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 2:00 p.m. U.S. – FOMC Statement , Federal Funds Rate , FOMC Press Conference
Friday, November 6
- 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 a.m. U.S. – Final Wholesale Inventories m/m
For a look at all of today’s economic events, check out our economic calendar.
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.