Gold is pulling back, remaining within a consolidation; key economic data in focus.
The gold futures contract lost 0.42% on Tuesday, April 29, as it further extended its short-term consolidation following last week’s pullback from a new record high of $3,509.90. Recently, gold kept advancing on continuing economic uncertainty, tariff developments, weakening U.S. dollar. In early April, it pulled back from its previous high, trading as low as $2,970.40.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is pulling back, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.4% lower, as it is trading along the $3,280 level. What about the other precious metals? Silver is 3.1% lower, platinum is 1.0% lower and palladium is 0.9% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7.19 million. Today, we will get a series of economic data, including the ADP Non-Farm Employment Change number at 8:15 a.m., and the Advance GDP release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, April 30
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Advance GDP q/q, Advance GDP Price Index q/q, Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Core PCE Price Index m/m, Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Germany - German Preliminary CPI m/m
- All Day, China - Bank Holiday
Thursday, May 1
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- Tentative, Japan - BOJ Press Conference
- All Day, Eurozone - French Bank Holiday, German Bank Holiday, Italian Bank Holiday
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist