Daily Gold News: Monday, Dec. 7 – Gold Bouncing Off $1,850

The gold futures contract lost 0.06% on Friday, as it fluctuated following 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 close to $1,850 price level again, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.5% lower this morning, as it is retracing some of last week’s rebound. What about the other precious metals? Silver gained 0.48% on Friday and today it is 1.8% lower. Platinum gained 3.29% and today it is 3.8% lower. Palladium gained 1.72% on Friday and today it’s 0.5% lower. So precious metals are lower this morning .

Friday’s Nonfarm Payrolls release has been worse than expected at +245,000. But the Unemployment Rate has been slightly better than expected at 6.7%. Today we won’t get any new important economic data releases.

Let’s focus on 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:

Monday, December 7

• 10:00 a.m. Canada – Ivey PMI

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

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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