The gold futures contract gained 2.13% on Tuesday, as it retraced its recent declines. On Monday the market has extended a short-term downtrend following breaking below the recent local lows along the price level of $1,850. Three weeks ago gold sold off 5% in one day after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. Last week there has been a breakdown below the support level of $1,850, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold price is 0.3% higher this morning, as it is retracing some more of its recent decline. What about the other precious metals? Silver gained 6.63% on Tuesday and today it is 0.2% lower. Platinum gained 3.93% and today it is 0.6% higher. Palladium gained 0.99% yesterday and today it’s 0.4% lower. So precious metals are mixed this morning .
Yesterday’s ISM Manufacturing PMI release has been slightly lower than expected at 57.5. Today we will get ADP Non-Farm Employment Change , Beige Book releases and some more Fed talk including Fed Chair Powell’s Testimony.
The markets will wait for Friday’s monthly jobs data release .
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, December 2
- 8:15 a.m. U.S. – ADP Non-Farm Employment Change
- 9:00 a.m. U.S. – FOMC Member Quarles Speech
- 10:00 a.m. U.S. – Fed Chair Powell Testimony
- 1:00 p.m. U.S. – FOMC Member Williams Speech
- 2:00 p.m. U.S. – Beige Book
- 8:45 p.m. China – Caixin Services PMI
Thursday, December 3
- 8:30 a.m. U.S. – Unemployment Claims
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – ISM Services PMI
For a look at all of today’s economic events, check out our economic calendar.
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