Daily Gold News: More Fluctuations, Fed & NFP in Focus

The gold futures contract lost 1.03% on Wednesday, as it extended its short-term consolidation following Friday’s breakdown below the previous local low and a support level of $1,750. The market fell the lowest since mid-June of 2020. Today gold is trading along its recent local lows, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.3% higher this morning, as it is still trading within a short-term consolidation. What about the other precious metals? Silver is 0.7% lower, platinum is 0.1% lower and palladium is 0.1% higher today. So precious metals are mixed this morning.

Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at +117,000. Today we will get Unemployment Claims, Factory Orders releases among others. There will also be a speech from the Fed Chair Powell later in the day.

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

Where would the price of gold go following Friday’s NFP release? We’ve compiled the data since September of 2018, a 30-month-long period of time that contains of thirty 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 0.25% in February and gained 1.08% in January.

The following chart shows the average gold price path before and after the NFP releases for the past 30 months. The market was usually advancing ahead of the release day and closing 0.40% higher on the 10th day after the NFP release.

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

Thursday, March 4

• 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
• 10:00 a.m. U.S. – Factory Orders m/m
• 12:05 p.m. U.S. – Fed Chair Powell Speech
• All Day – OPEC-JMMC Meetings

Friday, March 5

• 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m , Trade Balance
• 10:00 a.m. Canada – Ivey 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.
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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.