The gold futures contract lost 1.92% on Tuesday, as it got back to $1,800 price level again. Last week gold reached new local high above $1,835, and yesterday the market followed strengthening U.S. dollar, among other factors. This morning gold is trading along $1,800, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.3% lower, as it is trading sideways following yesterday’s decline. What about the other precious metals? Silver is 0.1% higher, platinum is 0.7% higher and palladium is 0.1% lower . So precious metals’ prices are slightly higher this morning.
Yesterday we didn’t get any new important economic data announcements. Today we will have the Beige Book release at 2:00 p.m., among others.
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:
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
Thursday, September 9
7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
8:30 a.m. U.S. – Unemployment Claims
8:30 a.m. Eurozone – ECB Press Conference
11:05 a.m. U.S. – FOMC Member Daly Speech
12:00 p.m. Canada – BOC Governor Macklem Speech
1:01 p.m. U.S. – 30-y Bond Auction
2:00 p.m. U.S. – FOMC Member Williams Speech
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
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