The gold futures contract gained 0.67% on Monday, as it retraced further from its recent declines after rebounding from the $ 1,860 price level. Gold continues to fluctuate after September’s slide from the August 7 all-time high of $ 2,089.20 to around $ 1,850. The yellow metal has been rebounding from the support level marked by the 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 up 0.2% 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 is 0.5% higher. Platinum gained 1.31% and today is 1.9% higher. Palladium gained 0.14% yesterday and is 2.2% lower today. So precious metals are advancing this morning .
Yesterday’s ISM Manufacturing PMI release was better than expected. This week, markets will await the outcome of the US presidential election, Thursday’s FOMC statement, and Friday’s monthly employment data.
Let’s focus on today United States Presidential Election . Where would the price of gold go after that major event? We have collected the data since 1992, a 28-year period that contains seven US presidential elections. The chart shows the price trajectories 5 days before and 10 days after Election Day. Gold gained the most in 2004 and lost the most in 2016. On average, it was about 0.5% lower 10 days later.
Please find below our calendar of economic news on gold, silver and mining stocks for the next two trading days:
Tuesday, November 3
- 10:00 am US – Factory orders m / m, IBD / TIPP economic optimism
- 8:45 pm China – Caixin services PMI
- All day, USA – Presidential election
Wednesday 4 November
- 8:15 am USA – ADP Non-Farm Employment Change
- 8:30 am United States – Trade balance
- 9:45 am USA – Final Services PMI
- 10:00 am USA – ISM Services PMI
To see all of today’s economic events, check out our economic calendar.
Paul Rejczak
Stock selection strategist
Benefits of the sun: analysis. Watch out. Benefits.
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Disclaimer
All essays, research, and information above represent the analysis and opinions of Paul Rejczak and Sunshine Profits associates only. As such, it may be inaccurate and subject to change without notice. Opinions and analyzes were based on the data available to the authors of the respective trials at the time of writing. Although the information provided above is based on careful research and sources believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or completeness of the data or information reported. The opinions posted above are neither an offer nor a recommendation to buy or sell securities. Mr. Rejczak is not a registered securities advisor. By reading Paul Rejczak’s reports, you fully agree that he will not be responsible for any decisions he makes regarding the information provided in these reports. Investing, trading and speculation in any financial market can carry a high risk of loss. Paul Rejczak, Sunshine Profits employees and affiliates, as well as members of their families, may be short or long in any security, including those mentioned in any of the reports or essays, and may make additional purchases and / or sales. of those values. without notice.
