Gold price is further extending its consolidation; markets await further data.
The gold futures contract lost 0.43% on Friday, October 4, as it extended a consolidation along the $2,650-2,700 level. Recently, 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 extending its fluctuations, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,680 level again. What about the other precious metals? Silver is 0.6% lower, platinum is 0.7% lower and palladium is 0.9% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +254,000. Today, we won’t get any new important data. However, there will be speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, October 7
- 1:00 p.m. U.S. - FOMC Member Bowman Speech
- 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
Tuesday, October 8
- 3:00 a.m. U.S. - FOMC Member Kugler Speech
- 8:30 a.m. U.S. - Trade Balance
- 12:45 p.m. U.S. - FOMC Member Bostic Speech
- 4:00 p.m. U.S. - FOMC Member Collins Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist