Daily Gold News: Monday, Oct. 11 – No Clear Short-Term Direction As Gold Fluctuates Above $1,750
The gold futures contract lost 0.10% on Friday, as it continued to fluctuate above the $1,750 price level. The market got back above it following a downward correction in U.S. dollar and falling stock prices. This morning gold is trading along its previous closing price again, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.2% lower, as it is trading slightly above the $1,750 price level. What about the other precious metals? Silver is 0.6% lower, platinum 0.1% higher and palladium is 4.4% higher. So precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls number release has been worse than expected at +194,000 vs. a forecast of +490,000. Today we won’t get any new important economic data releases. Investors will be waiting for the Wednesday’s Consumer Price Index release.
Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 37-month-long period of time that contains of thirty seven 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 2.58% in August and in September it lost 3.81%.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, October 11
- 6:00 p.m. U.S. – FOMC Member Evans Speech
- All Day, U.S. – Bank Holiday
- All Day, Canada – Bank Holiday
Tuesday, October 12
- 5:00 a.m. Eurozone – German ZEW Economic Sentiment
- 10:00 a.m. U.S. – JOLTS Job Openings
- 11:15 a.m. U.S. – FOMC Member Clarida Speech
- 12:30 a.m. U.S. – FOMC Member Bostic Speech
- 1:01 p.m. U.S. – 10-y Bond Auction
For a look at all of today’s economic events, check out our economic calendar.
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