Daily Gold News: Wednesday, Feb. 3 – Gold Trading Along Previous Lows

The gold futures contract lost 1.64% on Tuesday, as it retraced its recent advance following rally in silver price. The market gave back almost all of December’s advance in early January. Recently gold retraced some of that sell-off, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.1% lower this morning, as it is trading along yesterday’s closing price. What about the other precious metals? Silver lost 10.25% on Tuesday and today it is 0.3% higher. Platinum lost 3.76% and today it’s 0.1% lower. Palladium lost 0.62% and today it’s 0.4% higher. So precious metals are mixed this morning.

Today we will get the ADP Non-Farm Employment Change and ISM Services PMI releases.

The markets will be waiting for Friday’s Nonfarm Payrolls announcement.

Where would the price of gold go following Friday’s news? We’ve compiled the data since September of 2018, a 29-month-long period of time that contains of twenty nine NFP releases.

Today we will focus just on the average gold price path before and after the event for the past 29 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:

Wednesday, February 3

• 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. – ISM Services PMI
• 5:00 p.m. U.S. – FOMC Member Evans Speech

Thursday, February 4

• 7:00 a.m. U.K. – BOE Monetary Policy Report, Official Bank Rate
• 7:30 a.m. U.S. – Challenger Job Cuts y/y
• 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
• 10:00 a.m. U.S. – Factory Orders m/m
• 2:00 p.m. U.S. – FOMC Member Daly Speech
• 5:30 p.m. Australia – RBA Governor Lowe Speech
• 7:30 p.m. Australia – RBA Monetary Policy Statement

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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