Daily Gold News: Gold Price vs. U.S

Daily Gold News: Gold Price vs. U.S. Presidential Election

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 ):

word image 14

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.

word image 15

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.

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

More From FXEMPIRE:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Credit: Nasdaq

6 Responses

Leave A Comment

Your email address will not be published. Required fields are marked *