Daily Gold News: December 8 – Gold Price Remains Close to $2,050

Gold trades sideways ahead of the important jobs data release.

The gold futures contract lost 0.07% on Thursday, December 7 as it went sideways again following 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 continued to trade 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 still trading within a consolidation as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: December 8 – Gold Price Remains Close to $2,050 - Image 1

The gold price is unchanged as it is trading close to the $2,050 level. What about the other precious metals? Silver is 0.2% higher, platinum is 1.7% higher and palladium is 0.2% higher. So the main precious metals’ prices are virtually flat again this morning.

Yesterday’s Unemployment Claims release has been as expected at 220,000. Today we will get the important monthly jobs data 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).

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

Monday, December 11

  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 5:20 p.m. Australia - RBA Governor Bullock Speech

Paul Rejczak
Stock Trading Strategist