Gold extended its downtrend following last Monday’s reversal.
The gold futures contract lost 1.56% on Friday, December 8 as it broke below its short-term trading range following monthly jobs data release, among other factors. Last week gold was going sideways following Monday’s extraordinary price action. On Monday December 4 soon after the overnight session’s open there was a big short squeeze. Gold reached new all-time high of $2,152.30 and it was 3% higher. Then it gradually retraced the advance before closing more than 2% lower. On Friday it went closer to $2,000 level.
On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.
This morning gold is trading along its Friday’s closing price 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 along the $2,010 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.7% higher and palladium is 0.2% higher. So the main precious metals’ prices are slightly lower this morning.
Friday’s important Nonfarm Payrolls release has been better than expected at +199,000 and the Unemployment Rate has also been better than expected at 3.7%. Today we won’t get any new important economic data releases. The markets will be waiting for series of important economic data in the next two trading days. Tomorrow we will get the CPI number, and on Wednesday we will get the PPI number and the FOMC Rate Decision.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, December 11
- 1:01 p.m. U.S. - 10-y Bond Auction
- 5:20 p.m. Australia - RBA Governor Bullock Speech
Tuesday, December 12
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist