Daily Gold News: Gold Higher as Election Uncertainty Persists

The gold futures contract lost 0.74% on Wednesday, as it fluctuated following the U.S. Presidential Election uncertainty. Gold continues to trade within a consolidation after September’s decline from August 7 record high at $2,089.20 to local low of around $1,850. Recently the yellow metal has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.9% higher this morning, as it retraces yesterday’s decline following weakening U.S. dollar. What about the other precious metals? Silver lost 1.81% on Wednesday and today it is 2.8% higher. Platinum lost 0.56% and today it is 1.5% higher. Palladium gained 0.43% yesterday and today it’s 3.2% higher. So precious metals are advancing this morning .

Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at only +365,000. The ISM Services PMI number has been slightly worse than expected at 56.6.

Today we will get the Unemployment Claims and Preliminary Nonfarm Productivity numbers at 8:30 a.m. But the markets will be waiting for the FOMC Statement release at 2:00 p.m.

And tomorrow we will get monthly jobs data .

Let’s focus on Tuesday’s U.S. Presidential Election . Where would the price of gold go following that event? We’ve compiled the data since 1992, a 28-year-long period of time that contains of seven U.S. Presidential Elections. The chart shows price paths 5 days before and 10 days after the election day. Gold gained the most in 2004 and lost the most in 2016. On average, it was around 0.5% lower 10 days after.

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

Thursday, November 5

• 7:30 a.m. U.S. – Challenger Job Cuts y/y
• 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
• 2:00 p.m. U.S. – FOMC Statement , Federal Funds Rate , FOMC Press Conference

Friday, November 6

• 8:30 a.m. U.S. – Non-Farm Employment Change , Unemployment Rate , Average Hourly Earnings m/m
• 8:30 a.m. Canada – Employment Change, Unemployment Rate
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m

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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