Gold extends a consolidation ahead of presidential elections, economic data.
The gold futures contract was unchanged on Friday, November 1, as it fluctuated following its 1.8% decline on Thursday. Last Thursday, gold pulled back from its Wednesday’s record high of $2,801.80 on economic data, stock prices sell-off. Recently, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is extending a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading along the $2,750 level. What about the other precious metals? Silver is 0.9% higher, platinum is 0.7% higher and palladium is 0.8% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been much lower than expected at +12,000. Today, we will get the Factory Orders number at 10:00 a.m. The markets will be waiting for tomorrow’s Presidential Election and the FOMC Rate Decision on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 4
- 10:00 a.m. U.S. - Factory Orders
- 10:30 p.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- All Day, Eurozone - Eurogroup Meetings
Tuesday, November 5
- 8:30 a.m. U.S. - Trade Balance
- 10:00 a.m. U.S. - ISM Services PMI
- 1:01 p.m. U.S. - 10-y Bond Auction
- All Day, U.S. - Presidential Election, Congressional Elections
Paul Rejczak
Stock Trading Strategist