Gold keeps moving sideways as investors await economic data.
The gold futures contract lost 0.84% on Monday, December 2, as it further extended its short-term fluctuations following last Tuesday’s rebound. Recently, it kept moving sideways due to the Thanksgiving holiday in the U.S.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections the previous week. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is basically moving sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,670 level. What about the other precious metals? Silver is 1.6% higher, platinum is 0.9% higher and palladium is 1.0% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s ISM Manufacturing PMI release has been higher than expected at 48.4. Today, we will get the JOLTS Job Openings number at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 3
- 10:00 a.m. U.S. - JOLTS Job Openings
- 12:35 p.m. U.S. - FOMC Member Kugler Speech
- 3:45 p.m. U.S. - FOMC Member Goolsbee Speech
- 7:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
- All Day, U.S. - Wards Total Vehicle Sales
Wednesday, December 4
- 4:00 a.m. U.K. - BOE Governor Bailey Speech
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:45 a.m. U.S. - FOMC Member Musalem Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 1:45 p.m. U.S. - Fed Chair Powell Speech
- 2:00 p.m. U.S. - Beige Book
Paul Rejczak
Stock Trading Strategist