Daily Gold News: Thursday, Dec. 3 – Gold Extending Short-term GainsGold is 0.6% higher this morning, as it is extending a short-term uptrend. What about the other precious metals?
The gold futures contract gained 0.62% on Wednesday, as it retraced more of the recent decline. On Monday the market has extended a short-term downtrend following breaking below the recent local lows along the price level of $1,850. Three 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. Last week there has been a breakdown below $1,850, as we can see on the daily chart ( the chart includes today’s intraday data ):
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Silver lost 0.04% on Wednesday and today it is 0.1% higher. Platinum gained 0.82% and today it is 1.5% higher. Palladium lost 0.88% yesterday and today it’s 0.1% higher. So precious metals are slightly higher this morning .
Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at +307,000. Today we will get the Unemployment Claims and Services PMI releases.
The markets will wait for Friday’s monthly jobs data release .
Let’s focus on the Friday’s Nonfarm Payrolls number release. Where would the price of gold go following that news release? We’ve compiled the data since September of 2018, a 26-month-long period of time that contains of twenty six 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 gained lost almost 4% in August, but it gained 0.3-0.7% in September and October.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, December 3
- 8:30 a.m. U.S. – Unemployment Claims
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – ISM Services PMI
Friday, December 4
- 8:30 a.m. U.S. – Non-Farm Employment Change , Unemployment Rate , Average Hourly Earnings m/m , Trade Balance
- 8:30 a.m. Canada – Employment Change, Unemployment Rate
- 10:00 a.m. U.S. – Factory Orders m/m, FOMC Member Bowman Speech
For a look at all of today’s economic events, check out our economic calendar.
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