Gold trades sideways as markets take a breather following their recent volatility.
The gold futures contract lost 0.31% on Tuesday, October 3 as it further extended its downtrend. The market kept selling off following economic data releases, strong U.S. dollar. Yesterday gold went closer to the $1,830 level and it was the lowest since early March.
In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower as it is trading along the $1,840 level. What about the other precious metals? Silver is 0.4% lower platinum is unchanged and palladium is 0.9% lower. So the main precious metals’ prices are slightly lower this morning.
Yesterday’s important JOLTS Job Openings release has been much better than expected at 9.61 million. Today we will get the ADP Non-Farm Employment Change and ISM Services PMI numbers, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, October 4
- 4:15 a.m. Eurozone - ECB President Lagarde Speech
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 10:25 a.m. U.S. - FOMC Member Bowman Speech
- 10:30 a.m. U.S. - FOMC Member Goolsbee Speech
- 12:00 p.m. Eurozone - ECB President Lagarde Speech
- All Day - OPEC-JMMC Meetings
- All Day, China – Bank Holiday
Thursday, October 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 10:00 a.m. Canada - Ivey PMI
- 12:15 a.m. U.S. - FOMC Member Barr Speech
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist