Daily Gold News: May 2 – Gold Trades Slightly Below $2,000

Gold price is still close to the $2,000 level as investors await tomorrow’s FOMC release.

The gold futures contract lost 0.35% on Monday, May 1 as it continued to trade along the $2,000 price level despite the recent stock market’s rally and economic data releases. In mid-April the yellow metal retreated from its April 13 local high of $2,063.40. In early April it kept advancing on U.S. dollar weakness, stock markets’ rally. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hikes.

In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is still trading sideways as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 2 – Gold Trades Slightly Below $2,000 - Image 1

The gold price is 0.3% higher this morning as it is trading slightly below the $2,000 level. What about the other precious metals? Silver is 0.9% lower, platinum is 0.1% lower and palladium is 0.2% higher. So the main precious metals’ prices are mixed again this morning.

Yesterday’s ISM Manufacturing PMI release has been higher than expected at 47.1. Today we will get the JOLTS Job Openings release at 10:00 a.m., among others. The markets will be waiting for the tomorrow’s FOMC Rate Decision announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Tuesday, May 2

  • 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 7:20 a.m. Australia - RBA Governor Lowe Speech
  • 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
  • All Day, Japan - Bank Holiday

Wednesday, May 3

  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI
  • 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate
  • 2:30 p.m. U.S. - FOMC Press Conference
  • All Day, Japan - Bank Holiday

Paul Rejczak
Stock Trading Strategist