The gold futures contract gained 0.08% on Monday, as it fluctuated following the recent rebound. On Friday the market reacted to mixed monthly jobs data release. On Monday a week ago gold reached the new local high of $1,833 before reversing lower, and on Friday it traded as low as $1,781.30. This morning the yellow metal is above the $1,800 level again, as we can see on the daily chart (the chart includes today’s intraday data):
Gold is 0.2% higher this morning, as it is trading closer to its Thursday’s daily high. What about the other precious metals? Silver is 0.5% higher, platinum is 0.8% higher and palladium is 0.7% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Wholesale Inventories release has been slightly higher than expected at +1.4%. Today we will have a testimony from the Fed Chair Powell at 10:00 a.m. The markets will be also waiting for tomorrow’s Consumer Price Index release.
Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 40-month-long period of time that contains of forty NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 40 months. The market was usually advancing ahead of the release day and closing 0.26% higher on the 10th day after the NFP release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, January 11
- 5:20 a.m. Eurozone – ECB President Lagarde Speech
- 6:00 a.m. U.S. – NFIB Small Business Index
- 9:00 a.m. U.S. – FOMC Member Mester Speech
- 10:00 a.m. U.S. – Fed Chair Powell Testimony
- Tentative, U.S. – IBD/TIPP Economic Optimism
Wednesday, January 12
- 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
- 1:01 p.m. U.S. – 10-y Bond Auction
- 2:00 p.m. U.S. – Beige Book, Federal Budget Balance
For a look at all of today’s economic events, check out our economic calendar.
Stock Trading Strategist
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All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.