Gold price remains close to $1,800, data releases are in focus next week.
The gold futures contract gained 0.88% on Wednesday, Dec. 7, as it extended a short-term consolidation along the $1,800 price level. On Monday gold sold off after much better than expected ISM Services PMI release, but then it went sideways despite strengtheing U.S. dollar and accompanying stock market’s sell-off. This morning gold is along the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.1% higher, as it is extending a consolidation. What about the other precious metals? Silver is 0.3% higher, platinum is 0.2% lower and palladium is 0.3% higher. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Nonfarm Productivity release has been slightly better than expected at +0.8%. Today we will get the Unemployment Claims release at 8:30 a.m. The markets will be waiting for tomorrow’s Producer Price Index release, Tuesday’s Consumer Price Index, and Wednesday’s FOMC releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, December 8
- 7:00 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - Unemployment Claims
- All Day, Eurozone - Italian Bank Holiday
Friday, December 9
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Final Wholesale Inventories m/m
Paul Rejczak
Stock Trading Strategist