Gold is further extending its consolidation, trading above the 2,550 level.
The gold futures contract lost 0.73% on Friday, September 6, as it retraced its Wednesday’s adance of 0.6%, extending a short-term consolidation around the 2,550 level. The market reacted to the monthly jobs data. On Wednesday, it rebounded from the $2,500 level again. Gold approached its August 20 record high of $2,570.40 on Friday, before reversing lower.
This morning, gold is trading 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 along the $2,520 level. What about the other precious metals? Silver is 1.0% higher, platinum is 2.1% higher and palladium is 1.2% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been lower than expected at +142,000. Today, we will get the Final Wholesale Inventories number at 10:00 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).
Monday, September 9
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 3:00 p.m. U.S. - Consumer Credit m/m
Tuesday, September 10
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:10 a.m. Canada - BOC Governor Macklem Speech
- 10:00 a.m. U.S. - FOMC Member Barr Speech
Paul Rejczak
Stock Trading Strategist