Daily Gold News: Tuesday, Jan. 5 – Gold Higher AgainGold is 0.3% higher this morning, as it is slightly extending its yesterday’s rally.
The gold futures contract gained 2.72% on Monday after breaking above its over 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. Yesterday the yellow metal got closer to its early November local high of $1,966.10, as we can see on the daily chart ( the chart includes today’s intraday data ):
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Gold is 0.3% higher this morning, as it is slightly extending its yesterday’s rally. What about the other precious metals? Silver gained 3.60% on Monday and today it is 0.9% higher. Platinum lost 0.71% and today it is 1.3% higher. Palladium lost 2.55% yesterday and today it’s 1.7% higher. So precious metals are higher again this morning .
Yesterday’s U.S. Final Manufacturing release has been slightly better than expected at 57.1 and the Construction Spending number release has been slightly worse than expected at +0.9%.
Today we will get the ISM Manufacturing PMI release at 10:00 a.m., among others.
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:
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
Wednesday, January 6
- 8:15 a.m. U.S. – ADP Non-Farm Employment Change
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – Factory Orders m/m
- 2:00 p.m. U.S. – FOMC Meeting Minutes
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For a look at all of today’s economic events, check out our economic calendar.
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