Yahoo Finance Daily Gold News: Wednesday, May 12 – Gold’s Consolidation Ahead of U.S. Inflation Data
The gold futures contract lost 0.08% on Tuesday, as it continued to fluctuate following its Thursday’s-Friday’s rally. The price broke above a short-term consolidation along $1,800 price level last week. 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 within yesterday’s daily range, 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 along yesterday’s closing price. What about the other precious metals? Silver is 0.9% lower, platinum is 0.3% lower and palladium is virtually flat today. So precious metals are lower this morning.
The markets will be waiting for today’s important Consumer Price Index release. It is expected at +0.2% m/m. We will also have some more Fed-talk later in the day.
Where would the price of gold go following last Friday’s NFP release? We’ve compiled the data since September of 2018, a 32-month-long period of time that contains of thirty two NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 32 months. The market was usually advancing ahead of the release day and closing 0.49% higher 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:
Wednesday, May 12
5:00 a.m. Eurozone – EU Economic Forecasts
8:30 a.m. U.S. – CPI m/m, Core CPI m/m
9:00 a.m. U.S. – FOMC Member Clarida Speech
1:00 p.m. U.S. – FOMC Member Bostic Speech
1:01 p.m. U.S. – 10-y Bond Auction
2:00 p.m. U.S. – Federal Budget Balance
Thursday, May 13
8:30 a.m. U.S. – Unemployment Claims, PPI m/m, Core PPI m/m
10:00 a.m. U.S. – FOMC Member Barkin Speech
11:00 a.m. Canada – BOC Governor Macklem Speech
1:00 p.m. U.S. – FOMC Member Waller Speech
All Day, Eurozone – French Bank Holiday, German Bank Holiday
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.
This article was originally posted on FX Empire
