Daily Gold News: December 6 – Gold Price Remains Below $2,050

Gold trades sideways following yesterday’s volatility, economic data in focus.

The gold futures contract lost 0.29% on Tuesday, December 5 as it fluctuated following its Monday’s extraordinary price action. On Monday 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 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 sideways again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: December 6 – Gold Price Remains Below $2,050 - Image 1

The gold price is 0.2% higher as it is trading along the $2,040 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.6% higher and palladium is 1.2% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s ISM Services PMI release has been slightly higher than expected at 52.7 and the JOLTS Job Openings release has been much lower than expected at 8.73 million. Today we will get the important ADP Non-Farm Employment Change release at 8:15 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).

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

Thursday, December 7

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:30 a.m. U.S. - Unemployment Claims
  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 3:00 p.m. U.S. - Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist