Daily Gold News: Monday, Jan. 4 – Gold Breaking Higher

The gold futures contract gained 0.09% on Thursday, as it further extended its two-week-long consolidation. In late November the market has reached a new low after breaking below the local lows along $1,850 price level. Since then it has been retracing the decline. Today the yellow metal is rallying after breaking above the consolidation, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 1.8% higher this morning, as it is breaking above the mentioned short-term consolidation. What about the other precious metals? Silver lost 0.61% on Thursday and today it is 3.2% higher. Platinum gained 0.06% on Thursday and today it is 2.5% higher. And palladium gained 3.2% on Thursday and today it’s 0.3% higher. So precious metals are much higher this morning .

Today we will get the U.S. Final Manufacturing and Construction Spending releases. There will also be some Fed talk at 10:00 a.m.

The markets will be waiting for Friday’s monthly jobs data release.

Where would the price of gold go following that news? We’ve compiled the data since September of 2018, a 28-month-long period of time that contains of twenty eight NFP releases.

Today we will focus just on the average gold price path before and after the event for the past 28 months. And the market was usually advancing before the Nonfarm Payrolls release:

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

Monday, January 4

• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – Construction Spending m/m, FOMC Member Bostic Speech, FOMC Member Evans Speech
• All Day – OPEC-JMMC Meetings

Tuesday, January 5

• 10:00 a.m. U.S. – ISM Manufacturing PMI , ISM Manufacturing Prices, Wards Total Vehicle Sales
• 3:45 p.m. U.S. – FOMC Member Evans Speech
• 8:45 p.m. China – Caixin Services PMI

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.
* * * * *

Disclaimer

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.