Daily Gold News: Friday, Apr. 30 – Gold Still Going Sideways

The gold futures contract lost 0.32% on Thursday, as it extended a short-term consolidation. Early in the month the market has bounced from the support level marked by March 8 local low of $1,663.30. In early March yellow metal’s price was the lowest since last year’s June. Today gold is trading along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.2% lower this morning, as it is trading within a consolidation. What about the other precious metals? Silver is 0.8% lower, platinum is 1.5% higher and palladium is 1.3% higher today. So precious metals are mixed this morning.

Yesterday’s Advance GDP release has been slightly worse than expected at +6.4%. Today we will get the Chicago PMI, UoM Consumer Sentiment releases.

Where would the price of gold go following yesterday’s U.S. Advance GDP release? We’ve compiled the data since January of 2013, an over 8-year-long period of time that contains of thirty three Advance GDP releases. The first chart shows price paths 5 days before and 10 days after the Adv. GDP release. The last three cases are marked with dashed lines. Gold lost 2.28% 2.54% in January/ February and it gained 0.28% in October/ November last year.

The following chart shows the average gold price path before and after the U.S. Advance GDP releases for the past 33 months. The market was usually going sideways ahead of the release day and closing 0.21% lower on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Friday, April 30

• 4:00 a.m. Eurozone – German Preliminary GDP q/q
• 8:30 a.m. Canada – GDP m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

Friday, April 30

• 4:00 a.m. Eurozone – German Preliminary GDP q/q
• 8:30 a.m. Canada – GDP m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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