Gold is extending its short-term consolidation; data and Powell in focus.
The gold futures contract gained 0.35% on Tuesday, December 3, as it continued to fluctuate within a short-term consolidation 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 further moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading slightly below the $2,670 level. What about the other precious metals? Silver is 0.5% lower, platinum is 1.6% lower and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s JOLTS Job Openings release has been higher than expected at 7.74 million. Today, we will get the important ADP Non-Farm Employment Change release at 8:15 a.m., There will also be a speech from the Fed Chair Powell at 1:45 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, December 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 10:00 a.m. Canada - Ivey PMI
- All Day - OPEC-JMMC Meetings
Paul Rejczak
Stock Trading Strategist