Daily Gold News: Friday, June 4 – Gold Unchanged Ahead of U.S. Jobs Data
Where would the price of gold go following today’s important NFP release?
The gold futures contract lost 1.92% on Thursday, as it retraced most of its recent advances following better-than-expected economic data releases and rising U.S. dollar. On Tuesday gold price was the highest since early January. In April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. This morning gold is trading along yesterday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):
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Right now gold is 0.1% higher, as it is trading along $1,970 price level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.7% lower and palladium is 0.7% lower today. So precious metals are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been much better than expected at +978,000. The markets will be waiting for today’s monthly jobs data release. We will get the Nonfarm Payrolls release at 8:30 a.m. and it is expected at +645,000.
Where would the price of gold go following today’s important NFP release? We’ve compiled the data since September of 2018, a 33-month-long period of time that contains of thirty three NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold gained 2.48% in May and it gained 1.92% in April.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, June 4
- 7:00 a.m. U.S. – Fed Chair Powell Speech
- 7:00 a.m. Eurozone – ECB President Lagarde Speech
- 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada – Employment Change, Unemployment Rate, Labor Productivity q/q
- 10:00 a.m. Canada – Ivey PMI
- All Day – G7 Meetings
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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