Daily Gold News: Wednesday, Dec. 8 – Gold Remains Below the $1,800 Level
The gold futures contract gained 0.29% on Tuesday, as it continued to fluctuate within a consolidation following the breakdown below the $1,800 level. It sold off in late November and it was a reaction to strengthening U.S. dollar and volatile stock prices, among other factors. This morning gold is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
Gold is 0.1% higher this morning, as it is still trading sideways. What about the other precious metals? Silver is 0.5% lower, platinum is 2.2% higher and palladium is 0.6% lower. So precious metals’ prices are mixed this morning.
Yesterday’s Nonfarm Productivity release has been lower than expected at -5.2% q/q. Today we will get the JOLTS Job Openings release.
Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 39-month-long period of time that contains of thirty nine NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 39 months. The market was usually advancing ahead of the release day and closing 0.23% 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:
Wednesday, December 8
- 3:15 a.m. Eurozone – ECB President Lagarde Speech
- 10:00 a.m. U.S. – JOLTS Job Openings
- 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate
- 1:01 p.m. U.S. – 10-y Bond Auction
- 5:00 p.m. Australia – RBA Governor Lowe Speech
Thursday, December 9
- 8:30 a.m. U.S. – Unemployment Claims
- 10:00 a.m. U.S. – Final Wholesale Inventories m/m
- 1:01 p.m. U.S. – 30-y Bond Auction
For a look at all of today’s economic events, check out our economic calendar.
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