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

Wednesday, November 4

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