Gold price keeps moving sideways; markets focus on economic data, geopolitics.
The gold futures contract lost 0.77% on Wednesday, October 2, as it continued its short-term consolidation. Last week, the market was extending a record-breaking rally, after breaking above its 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 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 slightly below the $2,670 level. What about the other precious metals? Silver is 0.5% lower, platinum is 2.4% lower and palladium is 2.8% lower. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at +143,000. Today, we will get the Unemployment Claims release at 8:30 a.m., and the ISM Services PMI number at 10:00 a.m.
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
- 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
Friday, October 4
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate,
- Average Hourly Earnings m/m
- 9:00 a.m. U.S. - FOMC Member Williams Speech
- 10:00 a.m. Canada - Ivey PMI
Paul Rejczak
Stock Trading Strategist