Gold is still trading sideways as investors await economic data.
The gold futures contract gained 0.31% on Wednesday, December 4, as it extended its short-term consolidation above the $2,650 level. It continued to fluctuate following last Tuesday’s rebound. Recently, it kept moving sideways due to the long holiday weekend 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 moving sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading along the $2,675 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.4% higher and palladium is unchanged. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +146,000. Today, we will get the Unemployment Claims release at 8:30 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).
- 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
Friday, December 6
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:15 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 10:30 a.m. U.S. - FOMC Member Goolsbee Speaks
- 12:00 p.m. U.S. - FOMC Member Hammack Speech
- 1:00 p.m. U.S. - FOMC Member Daly Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist