Gold is further extending its consolidation as investors await jobs data.
The gold futures contract lost 1.04% on Thursday, December 5, as it continued to fluctuate along the $2,650 level. It extended a consolidation 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 rebounding and extending a consolidation ahead of the important monthly jobs data, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading along the $2,660 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.4% lower and palladium is 1.0% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 224,000. Today, we will get the Nonfarm Payrolls 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).
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
Monday, December 9
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
- 11:30 p.m. Australia - RBA Press Conference
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist