Gold is extending yesterday’s gain; volatility set to decline due to the stock market pause.
The gold futures contract gained 0.26% on Wednesday, January 8, as it fluctuated along its recent local highs after rebounding on Monday and Tuesday. Gold basically went 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, extending its recent advances, 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 $2,690 level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.1% lower and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +122,000. Today, we will have speeches from the FOMC Members. Volatility is likely to decline as the stock market will be closed in honor of Jimmy Carter.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 9:00 a.m. U.S. - FOMC Member Harker Speech
- 12:40 p.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 1:30 p.m. U.S. - FOMC Member Schmid Speech
- 1:35 p.m. U.S. - FOMC Member Bowman Speech
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
Paul Rejczak
Stock Trading Strategist