Advertisement
Advertisement

Daily Gold News: Wednesday, Mar. 3 – Gold’s Short-Term Fluctuations

By:
Paul Rejczak
Updated: Mar 3, 2021, 13:22 UTC

Gold is 0.8% lower this morning, as it is trading within a short-term consolidation.

Gold

In this article:

The gold futures contract gained 0.62% on Tuesday, as it fluctuated following Friday’s breakdown below the previous local low and a support level of $1,750. The market fell the lowest since mid-June of 2020. This morning gold is retracing its yesterday’s advance, as we can see on the daily chart ( the chart includes today’s intraday data ):

undefined

Gold is 0.8% lower this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 0.8% lower, platinum is virtually unchanged and palladium is 1.1% lower today. So precious metals are lower this morning.

Today we will get the ADP Non-Farm Employment Change release at 8:15 a.m., among others. The markets will be waiting for Friday’s monthly jobs data release.

Where would the price of gold go following Friday’s NFP release? We’ve compiled the data since September of 2018, a 30-month-long period of time that contains of thirty 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 lost 0.25% in February and gained 1.08% in January.

undefined

The following chart shows the average gold price path before and after the NFP releases for the past 30 months. The market was usually advancing ahead of the release day and closing 0.40% higher on the 10th day after the NFP release.

undefined

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, March 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
  • 1:00 p.m. U.S. – FOMC Member Evans Speech
  • 2:00 p.m. U.S. – Beige Book

Thursday, March 4

  • 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
  • 10:00 a.m. U.S. – Factory Orders m/m
  • 12:05 p.m. U.S. – Fed Chair Powell Speech
  • All Day – OPEC-JMMC Meetings

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.
Sign up for our free gold, stock, and oil newsletter today!

* * * * *

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.

 

About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

Did you find this article useful?

Advertisement