Gold price bounces after its Friday’s sell-off; markets await tomorrow’s CPI data.
The gold futures contract gained 0.41% on Monday, May 8 as it bounced following its Friday’s decline of 1.5%. On Thursday gold reached new medium-term high of $2,085.40 and on Friday it fell to the local low of $2,007.00 after a better-than-expected monthly jobs data release. The market went back to the month-long trading range.
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 closer to the $2,050 level again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher this morning as it is trading along the $2,040 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.3% higher and palladium is 0.5% higher. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Final Wholesale Inventories release has been lower than expected at 0.0% m/m. Today we got the NFIB Small Business Index release and it was slightly lower than expected at 89.0. We will also have speeches from the FOMC Members today. The market will be waiting for the important CPI release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, May 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - FOMC Member Jefferson Speech
- 12:05 a.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
Wednesday, May 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist