Gold is 0.9% higher this morning, as it is trading close to the $1,900 price level. What about the other precious metals?
The gold futures contract lost 0.1% on Wednesday, May 4, as it extended a short-term consolidation following the recent declines. Gold bounced after the FOMC interest rate decision announcement but then it retraced the whole advance. This morning the yellow is trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):
Gold is 0.9% higher this morning, as it is trading close to the $1,900 price level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.7% lower and palladium is 0.3% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +247,000 (vs. the expected +382,000). Today we will get the Unemployment Claims release, among others. The market will be waiting for tomorrow’s monthly jobs data announcement.
The markets will continue to react to the ongoing Russia-Ukraine war news.
We’ve compiled the data since January of 2017, a 62-month-long period of time that contains of forty three FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on March 16. Gold price was 1.6% higher 10 days after the release.
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.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, May 5
Friday, May 6
For a look at all of today’s economic events, check out our economic calendar.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.
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Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.