Daily Gold News: Dec. 6 – Stronger ISM Number Sent Gold Price Lower

Gold retraced its last week’s breakout yesterday. Today it’s bouncing back.

The gold futures contract lost 1.56% on Monday, Dec. 5, as it retraced its Thursday’s rally and a breakout above the $1,800 level. The yellow metal sold off after much better than expected ISM Services PMI release. The market came back below the $1,800 level, and it went to its previous local highs again. This morning gold is bouncing back, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.6% higher, as it is trading along the $1,780 level. What about the other precious metals? Silver is 1.5% higher, platinum is 0.2% lower and palladium is 0.1% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s ISM Services PMI release has been higher than expected at 56.5. Today we will get the Trade Balance release at 8:30 a.m. The markets will be waiting for Friday’s Producer Price Index release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Tuesday, December 6

  • 8:30 a.m. U.S. - Trade Balance
  • 7:30 p.m. Australia - GDP q/q
  • All Day, Eurozone - ECOFIN Meetings

Wednesday, December 7

  • 8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
  • 10:00 a.m. Canada - BOC Rate Statement, Overnight Rate
  • 3:00 p.m. U.S. - Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist