Gold is extending its short-term uptrend as investors await jobs data.
The gold futures contract gained 0.69% on Thursday, January 9, as it continued its short-term uptrend, nearing the $2,700 level. Recently, gold kept moving sideways despite a series of economic data releases. On December 20, the market rebounded from its post-Fed local lows of around $2,600.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50.
This morning, gold is higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading above the $2,700 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.3% higher and palladium is 2.4% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important monthly jobs data release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, January 10
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Monday, January 13
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist