Daily Gold News: Consolidation Following Monday’s Rally

The gold futures contract gained 1.41% on Monday, as it extended its recent advance. Last week the market has reached a new low following breaking below local lows along the price level of $1,850. Four weeks ago gold sold off 5% in one day after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. The market is above $1,850 price level again, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.1% higher this morning, as it is fluctuating following yesterday’s advance. What about the other precious metals? Silver gained 2.23% on Monday and today it is 0.3% higher. Platinum lost 2.18% and today it is unchanged. Palladium lost 0.28% on Monday and today it’s 1.5% lower. So precious metals are mixed this morning .

Yesterday we didn’t get any new important economic data releases. Today there will be a Nonfarm Productivity number release at 8:30 a.m.

Let’s focus on last Friday’s Nonfarm Payrolls release. Where would the price of gold go following that news? We’ve compiled the data since September of 2018, a 26-month-long period of time that contains of twenty six NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 26 months. The market was usually fluctuating for a week before advancing and closing 0.47% higher on the 10th day after the monthly Nonfarm Payrolls release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, December 8

• 5:00 a.m. Eurozone – German ZEW Economic Sentiment
• 8:30 a.m. U.S. – Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
• 8:30 p.m. China – CPI y/y, PPI y/y

Wednesday, December 9

• 10:00 a.m. U.S. – Final Wholesale Inventories m/m, JOLTS Job Openings
• 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate

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.

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