Daily Gold News: Wednesday, Nov. 3 – Gold Moves Lower Ahead of the FOMC
The gold futures contract lost 0.36% on Tuesday, Nov. 2, as it still traded within a consolidation along the $1,800 price level. In the late October, gold was the highest since the Sep. 7 local high following weakening U.S. dollar, among other factors. This morning the yellow metal is trading below the recent local lows, as we can see on the daily chart (the chart includes today’s intraday data):
Right now gold is 1.2% lower, as it is trading below its last week’s low of $1,772.40. What about the other precious metals? Silver is 2.0% lower, platinum is 1.6% lower and palladium is 1.5% lower. So precious metals’ prices are lower this morning.
The markets will are waiting for today’s FOMC Monetary Policy update. We may expect an increased volatility in the precious metals, currencies pairs and stocks.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, November 3
- 8:15 a.m. U.S. – ADP Non-Farm Employment Change
- 10:00 a.m. U.S. – ISM Services PMI, Factory Orders m/m
- 10:45 a.m. U.S. – Final Services PMI
- 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate, FOMC Press Conference
Thursday, November 4
- 8:00 a.m. U.K. – BOE Monetary Policy Report, Official Bank Rate
- 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q, Trade Balance
- All Day – OPEC-JMMC 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.