Gold price remains close to $2,050 level ahead of the important jobs report.
The gold futures contract gained 0.35% on Thursday, January 4, as it went sideways following its Wednesday’s decline of 1.5%. On Wednesday, it broke below the recent local lows following stronger U.S. dollar and declining stock markets. Last week, gold continued upwards on weakening U.S. dollar, among other factors, and in the previous week the market went sideways after the FOMC Statement release on December 13. The yellow metal fluctuated following its December 4 extraordinary price action and a downward reversal from new all-time high price of $2,152.30. Then, it traded below $2,000 mark on stronger U.S. dollar, uncertainty concerning economic data. After the Fed’s release gold rallied back above $2,050 price level.
On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.
This morning gold is trading 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 $2,050. What about the other precious metals? Silver is unchanged, platinum is 1.1% lower and palladium is 1.2% lower. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s important ADP Non-Farm Employment Change has been higher than expected at +164,000. Today we will get the monthly jobs data release at 8:30 a.m., which is likely to cause increased volatility in the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, January 5
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, PPI m/m
- 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
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 10:00 a.m. Canada - Ivey PMI
- 1:30 p.m. U.S. - FOMC Member Barkin Speech
Monday, January 8
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist