Daily Gold News: Wednesday, May 5 – Gold Remains Within a Consolidation

In early April the market has bounced from the support level marked by March 8 local low of $1,663.30. The 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 0.1% lower this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 0.6% lower, platinum is 1.1% lower and palladium is 0.4% higher today. So precious metals are mixed this morning.

Yesterday’s U.S. Factory Orders release has been slightly worse than expected at +1.1%. Today we will get the ADP Non-Farm Employment Change release at 8:15 a.m., among others.

The markets will be waiting for Friday’s U.S. monthly jobs data release.

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

Wednesday, May 5

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 9:30 a.m. U.S. – FOMC Member Evans Speech
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – ISM Services PMI
• 3:00 p.m. U.S. – FOMC Member Evans Speech
• 6:30 p.m. Canada – BOC Governor Macklem Speech
• Tentative, Eurozone – EU Economic Forecasts

Thursday, May 6

• 7:30 a.m. U.S. – Challenger Job Cuts y/y
• 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q
• 1:00 p.m. U.S. – FOMC Member Bostic Speech

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.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.