The gold futures contract gained 0.09% on Wednesday, as it fluctuated following its recent decline. The market gave back almost all of December’s advance in early January. Recently gold retraced some of that sell-off but today it is getting closer to $1,800 mark again, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold is 1.1% lower this morning, as it is trading below its recent local lows. What about the other precious metals? Silver gained 1.84% on Wednesday and today it is 1.8% lower. Platinum gained 1.69% and today it’s 2.0% lower. Palladium gained 2.20% and today it’s 1.4% lower. So precious metals are lower this morning.
Yesterday’s ADP Non-Farm Employment Change release has been better than expected at +174,000 and ISM Services PMI release has been better than expected at 58.7. Today we will get the Unemployment Claims, Factory Orders releases, among others.
The markets will be waiting for tomorrow’s Nonfarm Payrolls announcement.
Where would the price of gold go following Friday’s news? We’ve compiled the data since September of 2018, a 29-month-long period of time that contains of twenty nine 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 2.7% in December and 1.1% in January.
The following chart shows the average gold price path before and after the NFP releases for the past 29 months. The market was usually advancing ahead of the release day and closing 0.40% 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:
Thursday, February 4
- 7:00 a.m. U.K. – BOE Monetary Policy Report, Official Bank Rate
- 7:30 a.m. U.S. – Challenger Job Cuts y/y
- 8:30 a.m. U.S. – Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. U.S. – Factory Orders m/m
- 2:00 p.m. U.S. – FOMC Member Daly Speech
- 5:30 p.m. Australia – RBA Governor Lowe Speech
- 7:30 p.m. Australia – RBA Monetary Policy Statement
Friday, February 5
- 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, Trade Balance
- 10:00 a.m. Canada – Ivey PMI
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
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.