Daily Gold News: May 5 – Gold Price Reached New Medium-Term High
Gold extended its uptrend on renewed banking crisis fears; today the market is backing off.
The gold futures contract gained 0.92% on Thursday, May 4 as it extended its short-term uptrend following Wednesday’s FOMC release and renewed banking crisis fears. Gold price reached new medium-term high of $2,085.40 before retreating closer to the $2,050 level yesterday.
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 trading below the $2,050 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower this morning as it is retracing some of the recent advances. What about the other precious metals? Silver is 0.4% lower, platinum is unchanged and palladium is 0.8% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been slightly higher than expected at 242,000. Today we will get the important monthly jobs data 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).
Friday, May 5
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 1:00 p.m. U.S. - FOMC Member Cook Speech
- Tentative, U.S. - FOMC Financial Stability Report
Monday, May 8
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- Tentative, U.S. - Loan Officer Survey
- All Day, Eurozone - French Bank Holiday
- All Day, U.K. - Bank Holiday
Stock Trading Strategist