Gold extends a consolidation, trading above the $2,300 level.
The gold futures contract gained 0.98% on Monday, May 6, as it further extended a consolidation along the $2,300 level. On Friday, the yellow metal went sideways despite the monthly jobs data and the usual volatility accompanying that release. Last Wednesday, the market didn’t react much to the FOMC Rate Decision.
Recently, gold was selling off from a new record high of $2,448.80 reached on April 12. On Friday, April 19, the yellow metal reached a local high of around $2,433 in a reaction stock market’s sell-off amid Middle East tensions, strong USD.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $450.
This morning gold is trading lower, yet still within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading along the $2,320 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.3% lower and palladium is 0.7% lower. So, the main precious metals’ prices are lower this morning.
Yesterday, we didn’t get any new important economic data, and today, the Consumer Credit number will be released at 3:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, May 7
- 12:30 a.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, May 8
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 11:00 a.m. U.S. - FOMC Member Jefferson Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 1:30 p.m. U.S. - FOMC Member Cook Speech
- All Day, Eurozone - French Bank Holiday
Paul Rejczak
Stock Trading Strategist