Daily Gold News: Wednesday, November 2 – Gold Fluctuates Ahead of Today’s FOMC

Gold Price Recap

The gold futures contract gained 0.55% on Tuesday, November 1, as it continued to fluctuate following its Friday’s drop of 1.3%. The market remains close to the $1,650 price level. On October 21 gold fell to the new medium-term low of $1,621.10 and last week it reached a local high of $1,679.40. This morning gold price is trading along yesterday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.4% higher, as it is trading above the $1,650 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.4% higher and palladium is 1.2% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s ISM Manufacturing PMI release has been slightly higher than expected at 50.2 and the JOLTS Job Openings release has also been higher than expected at 10.72 million. The markets will be waiting for today’s FOMC Statement release at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m. We will also get the ADP Non-Farm Employment Change release at 8:15 a.m.

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

Wednesday, November 2

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate
• 2:30 p.m. U.S. – FOMC Press Conference
• All Day, Japan – Bank Holiday

Thursday, November 3

• 4:05 a.m. Eurozone – ECB President Lagarde Speech
• 8:00 a.m. U.K. – BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
• 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q, Trade Balance
• 8:30 a.m. U.K. – BOE Governor Bailey Speech
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – ISM Services PMI, Factory Orders m/m
• 8:30 p.m. Australia – RBA Monetary Policy Statement

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

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