Gold is still moving sideways; jobs data, Powell in focus
The gold futures contract gained 0.02% on Thursday, March 6, as it extended a consolidation following its rebound. Recently, the market reacted to geopolitics, stock market’ uncertainty, weaker USD. Last week, gold pulled back from its previous Thursday’s record high of $2,973.40. It continued to fluctuate after January-February advances.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
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 unchanged, as it is trading along the $2,930 level. What about the other precious metals? Silver is 0.8% lower, platinum is unchanged and palladium is unchanged. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 221,000. Today, we will get the important monthly jobs data at 8:30 a.m. and a speech from the Fed Chair Powell at 12:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, March 7
- 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, Capacity Utilization Rate
- 10:15 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
- 12:20 p.m. U.S. - FOMC Member Kugler Speech
- 12:30 p.m. U.S. - Fed Chair Powell Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Monday, March 10
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist