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Paul Rejczak

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.

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:

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.

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.

 

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