Daily Gold News: Wednesday, Apr. 7 – Gold’s Downward Correction

The gold futures contract gained 0.82% on Tuesday, as it extended its last week’s Thursday’s-Friday’s rebound. The market has bounced from the support level marked by March 8 local low of $1,763.30. In early March yellow metal’s price was the lowest since last year’s June. Today gold is retracing some of that advance, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.4% lower this morning, as it is trading within yesterday’s daily range. What about the other precious metals? Silver is 0.8% lower, platinum is 0.7% lower and palladium is 1.8% lower today. So precious metals are lower this morning.

Yesterday’s JOLTS Job Openings release has been better than expected at 7.37 million. Today we will get the important FOMC Meeting Minutes release along with some Fed-talk.

Where would the price of gold go following Friday’s much-better-than-expected NFP release? We’ve compiled the data since September of 2018, a 31-month-long period of time that contains of thirty one NFP releases. The following chart shows the average gold price path before and after the NFP day. The market was usually advancing ahead of the release day and closing 0.45% higher on the 10th day after the NFP.

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

Wednesday, April 7

• 8:30 a.m. U.S. – Trade Balance
• 9:00 a.m. U.S. – FOMC Member Evans Speech
• 12:00 p.m. U.S. – FOMC Member Barkin Speech
• 2:00 p.m. U.S. – FOMC Meeting Minutes
• All Day – IMF Meetings

Thursday, April 8

• 8:30 a.m. U.S. – Unemployment Claims
• 12:00 p.m. U.S. – Fed Chair Powell Speech
• All Day – IMF Meetings

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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