Gold price keeps moving sideways; monthly jobs data in focus today.
The gold futures contract gained 0.36% on Thursday, October 3, as it further extended a 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 still moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading slightly below the $2,680 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.9% higher and palladium is 0.1% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ADP Unemployment Claims release has been slightly higher than expected at 225,000. Today, we will get the important monthly jobs data release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, October 7
- 1:50 p.m. U.S. - FOMC Member Kashkari Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- 6:30 p.m. U.S. - FOMC Member Musalem Speech
Paul Rejczak
Stock Trading Strategist