Gold keeps going sideways ahead of the presidential elections.
The gold futures contract lost 0.11% on Monday, November 4, as it continued to fluctuate following Thursday’s decline. Last Thursday, gold pulled back from the 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 further extending a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading along the $2,750 level again. What about the other precious metals? Silver is 0.5% higher, platinum is 1.1% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Factory Orders release has been slightly lower than expected at -0.5% month-over-month. Today, we will get the ISM Services PMI release at 10:00 a.m.
The markets will be waiting for the presidential elections’ outcome later in the day 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).
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
Wednesday, November 6
- 9:45 a.m. U.S. - Final Services PMI
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist