Gold is selling off on presidential elections news; FOMC release in focus tomorrow.
The gold futures contract gained 0.13% on Tuesday, November 5, as it extended a short-term consolidation ahead of the presidential elections later in the day. 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 breaking lower, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.4% lower, as it is trading closer to the $2,700 level. What about the other precious metals? Silver is 2.4% lower, platinum is 1.6% lower and palladium is 2.6% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ISM Services PMI release has been higher than expected at 56.0. Today, we will get the Final Services PMI number at 9:45 a.m. The markets will be waiting for the FOMC Rate Decision tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, November 6
- 9:45 a.m. U.S. - Final Services PMI
- 1:01 p.m. U.S. - 30-y Bond Auction
Thursday, November 7
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - Mortgage Delinquencies
Paul Rejczak
Stock Trading Strategist