Daily Gold News: Friday, Sep. 3 – Gold Slightly Higher Ahead of the NFP Release – Yahoo Finance

This post was originally published on this site

The gold futures contract lost 0.25% on Thursday, as it continued to fluctuate within a short-term consolidation following the recent breakout above the $1,800 price level. Last week the market broke above the recent local high of around $1,812 after a dovish speech from the Fed Chair Jerome Powell. Since then it has been fluctuating within a relatively narrow trading range. This morning gold is trading closer to yesterday’s daily high, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.3% higher, as it is still trading above the $1,800 price level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.5% higher and palladium is 0.3% higher . So precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been slightly better than expected at 340,000.

The markets will be waiting for today’s monthly jobs data release at 8:30 a.m. The Nonfarm Payrolls number is expected to come at +720,000, and the Unemployment Rate is expected at 5.2%.

Where would the price of gold go following Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 36-month-long period of time that contains of thirty six 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 1.45% in July and in August it lost 2.58%.

The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.30% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, September 3

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m

  • 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.

Paul Rejczak
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.

This article was originally posted on FX Empire


This post was originally published on *this site*