Daily Gold News: Monday, May 9 – Gold Price Went Below $1,900 Again
Gold Price Recap
The gold futures contract gained 0.38% on Friday, May 6, as it continued to fluctuate within a short-term consolidation. Gold remained close to the $1,900 price level after declining from the resistance level of $2,000 in April on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning the yellow metal is lower, as we can see on the daily chart (the chart includes today’s intraday data):
Precious Metals Price Action
Gold is 1.4% higher this morning, as it is trading well below the $1,900 level. What about the other precious metals? Silver is 2.9% lower, platinum is 2.9% lower and palladium is 1.9% lower. So the main precious metals’ prices are lower this morning.
Friday’s Nonfarm Payrolls release has been better than expected at +428,000. Today we will get the Wholesale Inventories number release at 10:00 a.m.
The markets will continue to react to the ongoing Russia-Ukraine war news.
Where Would the Price of Gold Go Following Last Wednesday’s Fed Release?
We’ve compiled the data since January of 2017, a 62-month-long period of time that contains of forty three FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 43 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.68% higher 10 days after the FOMC Statement announcement.
Economic News Schedule for Gold, Silver and Mining Stocks
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, May 9
- 10:00 a.m. U.S. – Final Wholesale Inventories m/m
Tuesday, May 10
- 5:00 a.m. Eurozone – German ZEW Economic Sentiment
- 6:00 a.m. U.S. – NFIB Small Business Index
- 7:40 a.m. U.S. – FOMC Member Williams Speech
- 1:00 p.m. U.S. – FOMC Member Waller Speech
- 3:00 p.m. U.S. – FOMC Member Mester Speech
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