Daily Gold News: Gold Lower Ahead of Monthly Jobs Report

The gold futures contract gained 0.26% on Thursday, as it fluctuated following its Wednesday’s decline of 2.3%. In late November the market has reached a new local low below $1,800 price level. Since then it has been retracing the whole decline. The yellow metal got closer to its early November local high of $1,966.10 this week but then it has retraced the advance, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 1.1% lower this morning, as it is breaking below Wednesday’s daily low. What about the other precious metals? Silver gained 0.81% on Thursday and today it is 1.7% lower. Platinum gained 1.30% and today it is 0.4% lower. Palladium lost 0.67% yesterday and today it’s 0.6% lower. So precious metals’ prices are lower this morning .

Yesterday’s Unemployment Claims release has been slightly better than expected at 787,000 and the ISM Services PMI release has been better than expected at 57.2.

Today we will get the monthly jobs data release.

Where would the price of gold go following that release? We’ve compiled the data since September of 2018, a 28-month-long period of time that contains of twenty eight 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 lost more than 4% in November and it gained 2.7% in December.

The following chart shows the average gold price path before and after the NFP releases for the past 28 months. The market was usually advancing ahead of the release day and closing 0.37% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, January 8

• 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
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m

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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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.