Daily Gold News: December 5 - Gold’s Sharp Downward Reversal

Gold price fell sharply from new all-time high; it’s closer to $2,000 level again.

The gold futures contract lost 2.27% on Monday, December 4 after gaining almost 3% and reversing from new all-time high of $2,152.30. There was a short squeeze soon after the overnight session’s open. Then gold was gradually retracing the advance before closing below the recent local lows.

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 yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: December 5 - Gold’s Sharp Downward Reversal - Image 1

The gold price is 0.1% lower as it is trading along the $2,040 level. Right now it’s more than $110 below yesterday’s high. What about the other precious metals? Silver is 1.0% lower, platinum is 1.6% lower and palladium is 1.3% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Factory Orders release has been lower than expected at -3.6%. Today we will get the important ISM Services PMI and JOLTS Job Openings releases at 10:00 a.m.

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

Tuesday, December 5

  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings
  • 7:30 p.m. Australia - GDP q/q

Wednesday, December 6

  • 6:00 a.m. U.K. - BOE Governor Bailey Speech
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 10:00 a.m. Canada - BOC Rate Statement, Overnight Rate, Ivey PMI

Paul Rejczak
Stock Trading Strategist