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.
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