Daily Gold News: May 9 – Gold Price Still Going Sideways

Gold extends a short-trerm consolidation ahead of the employment data.

The gold futures contract lost 0.08% on Wednesday, May 8, as it went sideways again and extended a consolidation above the $2,300 level. Last Friday, the yellow metal didn’t do much despite the monthly jobs data and the usual volatility accompanying that release. Last Wednesday, the market didn’t react 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 is further extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 9 – Gold Price Still Going Sideways - Image 1

The gold price is 0.1% lower, as it is trading along the $2,320 level again. What about the other precious metals? Silver is 1.1% higher, platinum is 0.5% higher and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.

Yesterday’s Wholesale Inventories release has been as expected at -0.4% m/m. Today, we will get the Unemployment Claims number 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).

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

Friday, May 10

  • 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 9:00 a.m. U.S. - FOMC Member Bowman Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 1:30 p.m. U.S. - FOMC Member Barr Speech
  • 2:00 p.m. U.S. - Federal Budget Balance
  • 9:30 p.m. China - CPI y/y, PPI y/y

Paul Rejczak
Stock Trading Strategist