Gold extends a consolidation after Monday’s squeeze, markets await tomorrow’s jobs data.
The gold futures contract gained 0.57% on Wednesday, December 6 as it continued going sideways 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. Yesterday it traded along $2,050 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 extending a consolidation as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged as it is trading slightly below the $2,050 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.5% higher and palladium is 1.8% higher. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +103,000. Today we will get the Unemployment Claims release at 8:30 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).
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
Friday, December 8
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 8:30 p.m. China - CPI y/y, PPI y/y
- All Day, Eurozone - ECOFIN Meetings
- All Day, Eurozone - Italian Bank Holiday
Paul Rejczak
Stock Trading Strategist