Daily Gold News: Monday, May 3 – Gold Trading Along $1,780 Price Level

The gold futures contract lost 0.03% on Friday, as it continued to trade within a 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 higher but still within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.6% higher this morning, as it is trading along $1,780 price level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.3% lower and palladium is 0.5% higher today. So precious metals are higher this morning.

Today we will get the U.S. Manufacturing PMI releases at 9:45 a.m. and 10:00 a.m. and a speech from the Fed Chair Powell at 2:20 p.m.

Where would the price of gold go following Thursday’s U.S. Advance GDP release? We’ve compiled the data since January of 2013, an over 8-year-long period of time that contains of thirty three Advance GDP releases. The following chart shows the average gold price path before and after the U.S. Advance GDP releases for the past 33 months. The market was usually going sideways ahead of the release day and closing 0.21% lower 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:

Monday, May 3

• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
• 2:10 p.m. U.S. – FOMC Member Williams Speech
• 2:20 p.m. U.S. – Fed Chair Powell Speech
• All Day, U.K. – Bank Holiday
• All Day, Japan – Bank Holiday
• All Day, China – Bank Holiday

Tuesday, May 4

• 12:30 a.m. Australia – RBA Rate Statement, Cash Rate
• 10:00 a.m. U.S. – Factory Orders m/m
• 1:00 p.m. U.S. – FOMC Member Daly Speech
• All Day, Japan – Bank Holiday
• All Day, China – Bank Holiday

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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