Daily Gold News: Tuesday, Sep. 7 – Gold Gets Back Closer to $,1800 – Yahoo Finance

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The gold futures contract lost 0.37% on Monday after gaining 1.23% on Friday. It broke above the recent local highs on Friday following the monthly jobs data release. This morning gold is trading closer to $1,800 price level again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.7% lower, as it is retracing its Friday’s advance. What about the other precious metals? Silver is 1.7% lower, platinum is 1.3% lower and palladium is 0.6% lower . So precious metals’ prices are lower this morning.

Friday’s Nonfarm Payrolls release has been worse than expected at only +235,000 vs. the expected number of +720,000. And the Average Hourly Earnings release has been higher than expected at +0.6% vs. +0.3%.

Today we won’t get any new important economic data announcements.

Where would the price of gold go following Friday’s 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 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 the next two trading days:

Tuesday, September 7

  • 12:30 a.m. Australia – RBA Rate Statement, Cash Rate

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment

Wednesday, September 8

  • 10:00 a.m. U.S. – JOLTS Job Openings

  • 10:00 a.m. Canada – BOC Rate Statement, Ivey PMI, Overnight Rate

  • 1:01 p.m. U.S. – 10-y Bond Auction

  • 1:10 p.m. U.S. – FOMC Member Williams Speech

  • 2:00 p.m. U.S. – Beige Book

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.

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This article was originally posted on FX Empire


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