Gold is extending its consolidation; markets await employment data.
The gold futures contract gained 0.87% on Tuesday, December 31, as it continued to fluctuate within a consolidation. It rebounded following its recent decline. On the previous Friday, the market rebounded from its post-Fed local lows of around $2,600, and last Thursday, it traded around the $2,650 level.
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 extending its rebound, 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 along the $2,650 level. What about the other precious metals? Silver is 1.8% higher, platinum is 1.2% higher and palladium is 0.1% higher. So, the main precious metals’ prices are higher this morning.
Today, the markets 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, January 2
- 8:30 a.m. U.S. - Unemployment Claims
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - Construction Spending m/m
- All Day, Japan – Bank Holiday
Friday, January 3
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices
- 11:00 a.m. U.S. - FOMC Member Barkin Speech
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist