Daily Gold News: Wednesday, Apr. 7 – Gold’s Downward CorrectionGold is 0.4% lower this morning, as it is trading within yesterday’s daily range. What about the other precious metals?
The gold futures contract gained 0.82% on Tuesday, as it extended its last week’s Thursday’s-Friday’s rebound. The market has bounced from the support level marked by March 8 local low of $1,763.30. In early March yellow metal’s price was the lowest since last year’s June. Today gold is retracing some of that advance, as we can see on the daily chart (the chart includes today’s intraday data):
75% of retail CFD investors lose money
Gold is 0.4% lower this morning, as it is trading within yesterday’s daily range. What about the other precious metals? Silver is 0.8% lower, platinum is 0.7% lower and palladium is 1.8% lower today. So precious metals are lower this morning.
Yesterday’s JOLTS Job Openings release has been better than expected at 7.37 million. Today we will get the important FOMC Meeting Minutes release along with some Fed-talk.
Where would the price of gold go following Friday’s much-better-than-expected NFP release? We’ve compiled the data since September of 2018, a 31-month-long period of time that contains of thirty one NFP releases. The following chart shows the average gold price path before and after the NFP day. The market was usually advancing ahead of the release day and closing 0.45% higher on the 10th day after the NFP.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, April 7
- 8:30 a.m. U.S. – Trade Balance
- 9:00 a.m. U.S. – FOMC Member Evans Speech
- 12:00 p.m. U.S. – FOMC Member Barkin Speech
- 2:00 p.m. U.S. – FOMC Meeting Minutes
- All Day – IMF Meetings
Thursday, April 8
- 8:30 a.m. U.S. – Unemployment Claims
- 12:00 p.m. U.S. – Fed Chair Powell Speech
- All Day – IMF Meetings
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.