Daily Gold News: Gold’s Consolidation Following Last Week’s RallyGold is 0.2% higher this morning, as it is trading along yesterday’s closing price. What about the other precious metals?
The gold futures contract gained 0.34% on Monday, as it fluctuated following its Thursday’s-Friday’s rally. The price broke above a short-term consolidation along $1,800 price level. 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 within its yesterday’s daily range, as we can see on the daily chart (the chart includes today’s intraday data):
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Gold is 0.2% higher this morning, as it is trading along yesterday’s closing price. What about the other precious metals? Silver is 0.9% higher, platinum is 0.1% lower and palladium is 0.4% higher today. So precious metals are higher this morning.
Today we will have some Fed-talk but the markets will be waiting for tomorrow’s important Consumer Price Index release.
Where would the price of gold go following last 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 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:
Tuesday, May 11
- 5:00 a.m. Eurozone – German ZEW Economic Sentiment
- 6:00 a.m. U.S. – NFIB Small Business Index
- 10:00 a.m. U.S. – JOLTS Job Openings
- 10:30 a.m. U.S. – FOMC Member Williams Speech
- 12:00 p.m. U.S. – FOMC Member Brainard Speech
- 1:00 p.m. U.S. – FOMC Member Daly Speech
- 1:15 p.m. U.S. – FOMC Member Bostic Speech
Wednesday, May 12
- 5:00 a.m. Eurozone – EU Economic Forecasts
- 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
- 9:00 a.m. U.S. – FOMC Member Clarida Speech
- 1:00 p.m. U.S. – FOMC Member Bostic Speech
- 1:01 p.m. U.S. – 10-y Bond Auction
- 2:00 p.m. U.S. – Federal Budget Balance
For a look at all of today’s economic events, check out our economic calendar.
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