Australia markets closed
  • ALL ORDS

    7,490.10
    -178.80 (-2.33%)
     
  • ASX 200

    7,175.80
    -166.60 (-2.27%)
     
  • AUD/USD

    0.7187
    -0.0041 (-0.56%)
     
  • OIL

    84.83
    -0.72 (-0.84%)
     
  • GOLD

    1,836.10
    -6.50 (-0.35%)
     
  • BTC-AUD

    48,438.75
    -5,553.46 (-10.29%)
     
  • CMC Crypto 200

    870.86
    +628.18 (+258.85%)
     
  • AUD/EUR

    0.6333
    -0.0054 (-0.85%)
     
  • AUD/NZD

    1.0702
    +0.0008 (+0.07%)
     
  • NZX 50

    12,348.00
    -149.10 (-1.19%)
     
  • NASDAQ

    14,438.40
    -408.06 (-2.75%)
     
  • FTSE

    7,494.13
    -90.88 (-1.20%)
     
  • Dow Jones

    34,265.37
    -450.02 (-1.30%)
     
  • DAX

    15,603.88
    -308.45 (-1.94%)
     
  • Hang Seng

    24,965.55
    +13.20 (+0.05%)
     
  • NIKKEI 225

    27,522.26
    -250.67 (-0.90%)
     

Daily Gold News: Friday, Dec. 3 – Gold Bounces Ahead of Jobs Data Release

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • PL=F
  • SI=F
  • PA=F
  • GC=F
  • NG=F
  • ZG=F
  • ZI=F

The gold futures contract lost 1.21% on Thursday, as it extended its short-term downtrend following breaking below the recent local lows. Recently the market sold off in a reaction to strengthening U.S. dollar and volatile stock prices, among other factors. This morning gold is retracing some of its yesterday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.2% higher this morning, as it is boucning from its yesterday’s new local low of $1,762.20. What about the other precious metals? Silver is 0.2% lower, platinum is 0.6% higher and palladium is 4.1% higher. So precious metals’ prices are mixed this morning.

Yesterday’s Unemployment Claims release has been better than expected at 222,000. Today we will get the important monthly jobs data release at 8:30 a.m. and the ISM Services PMI release.

Where would the price of gold go following today’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 39-month-long period of time that contains of thirty nine 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 1.92% in November and in October it gained 0.40%.

The following chart shows the average gold price path before and after the NFP releases for the past 39 months. The market was usually advancing ahead of the release day and closing 0.23% 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, December 3

  • 3:30 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

  • 9:45 a.m. U.S. – Final Services PMI

  • 10:00 a.m. U.S. – ISM Services PMI, Factory Orders m/m

  • Tentative, U.S. – Treasury Currency Report

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

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

More From FXEMPIRE:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting