Gold is trading above $2,000 level as markets await economic data, tomorrow’s FOMC.
The gold futures contract gained 0.36% on Monday, October 30 as it remained above the $2,000 level. Recently gold rallied on increasing global geopolitcal risks, interest rates fears, among other factors. On Friday the daily high was at $2,019.00 and on last Tuesday the yellow metal fell briefly below $1,970.
On October 6 gold reached new local low of $1,823.50. It was the lowest since early March, but the market bounced after monthly jobs data release, among other factors. Earlier gold kept selling off on economic data releases, strong U.S. dollar. On Friday gold was the highest since late July.
In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher as it continues to trade above the $2,000 level. What about the other precious metals? Silver is 0.1% higher platinum is 0.4% higher and palladium is 0.2% lower. So the main precious metals’ prices are slightly higher this morning.
Today we will get the CB Consumer Confidence release at 10:00 a.m., among others. The markets will be waiting for the important FOMC release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, October 31
- 6:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - CB Consumer Confidence
- 9:45 p.m. China - Caixin Manufacturing PMI
Wednesday, November 1
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day, U.S. - Wards Total Vehicle Sales
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Paul Rejczak
Stock Trading Strategist