The gold futures contract gained 1.00% on Friday, as it retraced some of its Thursday’s decline. On Tuesday gold price was the highest since early January. In April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. This morning gold is trading along Friday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):
Right now gold is 0.3% lower, as it is trading slightly below $1,900 price level. What about the other precious metals? Silver is 0.8% lower, platinum is unchanged and palladium is 1.1% higher today. So precious metals are lower this morning.
Friday’s Nonfarm Payrolls release has been worse than expected at +559,000, but the Unemployment Rate has come better than expected at 5.8%. Gold price went higher following Friday’s releases. Today we won’t get any new important economic data announcements.
Where would the price of gold go following today’s important NFP release? We’ve compiled the data since September of 2018, a 33-month-long period of time that contains of thirty three NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold gained 2.48% in May and it gained 1.92% in April.
The following chart shows the average gold price path before and after the NFP releases for the past 33 months. The market was usually advancing ahead of the release day and closing 0.55% 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:
Monday, June 7
- No important economic data releases
Tuesday, June 8
- 5:00 a.m. Eurozone – German ZEW Economic Sentiment
- 8:30 a.m. U.S. – Trade Balance
- 10:00 a.m. U.S. – JOLTS Job Openings
For a look at all of today’s economic events, check out our economic calendar.
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