Gold price is rebounding following its recent sell-off; jobs data in focus today.
The gold futures contract lost 2.92% on Thursday, May 1, as it sold off, approaching the $3,200 level after some worse-than-expected economic data, advancing stock market and strenghtening U.S. dollar. Recently, gold kept gaining and reaching new all-time highs. 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.4% higher, as it is trading along the $3,270 level. What about the other precious metals? Silver is 0.9% higher, platinum is 0.2% higher and palladium is unchanged. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 241,000. Today, we will get the important monthly jobs report at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, May 2
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Australia - Parliamentary Elections
Monday, May 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- Tentative, U.S. - Loan Officer Survey
- All Day, Japan – Bank Holiday
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist