The gold futures contract gained 0.26% on Wednesday, as it extended its short-term consolidation following last week’s advances. 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. Today gold continues to trade within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
Gold is 0.8% lower this morning, as it is trading along the recent local lows. What about the other precious metals? Silver is 1.6% lower, platinum is 0.7% lower and palladium is 0.7% lower today. So precious metals are lower this morning.
Today we will get the ADP Non-Farm Employment Change and ISM Services PMI releases, among others. The markets will be waiting for Friday’s monthly jobs data release.
Where would the price of gold go following tomorrow’s 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:
Thursday, June 3
- 8:15 a.m. U.S. – ADP Non-Farm Employment Change
- 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – ISM Services PMI
- 12:30 p.m. U.S. – FOMC Member Bostic Speech
- 3:05 p.m. U.S. – FOMC Member Quarles Speech
Friday, June 4
- 7:00 a.m. U.S. – Fed Chair Powell Speech
- 7:00 a.m. Eurozone – ECB President Lagarde Speech
- 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, Labor Productivity q/q
- 10:00 a.m. Canada – Ivey PMI
- All Day – G7 Meetings
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.