Daily Gold News: May 8 – Gold Price Remains Above $2,300

Gold is still trading sideways; markets await further economic data.

The gold futures contract lost 0.30% on Tuesday, May 7, as it continued its consolidation above the $2,300 level. On Friday, the yellow metal went sideways despite the monthly jobs data and the usual volatility accompanying that release, and yesterday, it bounced from the recent highs. 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 continues to trade within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 8 – Gold Price Remains Above $2,300 - Image 1

The gold price is unchanged, as it is trading along the $2,320 level again. What about the other precious metals? Silver is 0.3% lower, platinum is 1.1% lower and palladium is 1.4% lower. So, the main precious metals’ prices are mixed this morning.

Today, we will get the Wholesale Inventories release at 10:00 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).

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

Thursday, May 9

  • All Day, Eurozone - German Bank Holiday, French Bank Holiday
  • 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
  • 7:30 a.m. U.K. - BOE Governor Bailey Speech
  • 8:30 a.m. U.S. - Unemployment Claims
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • Tentative, U.S. - Mortgage Delinquencies

Paul Rejczak
Stock Trading Strategist