The gold futures contract gained 0.67% on Monday, as it retraced more of its recent declines after bouncing from $1,860 price level. Gold continues to fluctuate following September’s decline off August 7 record high at $2,089.20 to around $1,850. The yellow metal has been bouncing 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 0.2% higher this morning, as it is further extending its short-term advance. What about the other precious metals? Silver gained 1.64% on Monday and today it is 0.5% higher. Platinum gained 1.31% and today it is 1.9% higher. Palladium gained 0.14% yesterday and today it’s 2.2% lower. So precious metals are advancing this morning .
Yesterday’s ISM Manufacturing PMI number release has been better than expected. This week, the markets will await the U.S. Presidential Election’s outcome, Thursday’s FOMC Statement release and Friday’s monthly jobs data .
Let’s focus on today’s U.S. Presidential Election . Where would the price of gold go following that important 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:
Tuesday, November 3
- 10:00 a.m. U.S. – Factory Orders m/m, IBD/TIPP Economic Optimism
- 8:45 p.m. China – Caixin Services PMI
- All Day, U.S. – Presidential Election
Wednesday, November 4
- 8:15 a.m. U.S. – ADP Non-Farm Employment Change
- 8:30 a.m. U.S. – Trade Balance
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – ISM Services PMI
For a look at all of today’s economic events, check out our economic calendar.
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