Gold price is extending a consolidation; jobs data in focus.
The gold futures contract gained 1.16% on Tuesday, October 1, as it rebounded following its Friday’s- Monday’s pullback, extending a short-term consolidation. Last week, the market was extending its record-breaking rally, after breaking above the short-term consolidation around the $2,600 level in mid-September. In early September, it was trading along the $2,550 level, before rebounding from $2,500.
This morning, gold is further extending its fluctuations, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% lower, as it is trading along the $2,670 level again. What about the other precious metals? Silver is 0.2% lower, platinum is 0.1% higher and palladium is 0.4% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS Job Openings release has been higher than expected at 8.04 million. Today, we will get the important ADP Non-Farm Employment Change release at 8:15 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).
Wednesday, October 2
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:00 a.m. U.S. - FOMC Member Hammack Speech
- 10:05 a.m. U.S. - FOMC Member Musalem Speech
- 11:00 a.m. U.S. - FOMC Member Bowman Speech
- 12:15 a.m. U.S. - FOMC Member Barkin Speech
- All Day - OPEC-JMMC Meetings
- All Day, China – Bank Holiday
Thursday, October 3
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 10:40 a.m. U.S. - FOMC Member Bostic Speech
- All Day, Eurozone – German Bank Holiday
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist