The gold futures contract gained 0.66% on Monday, as it continued to fluctuate following the recent advance. Recently gold was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance, among other factors. Then gold has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart (the chart includes todayâs intraday data):
Gold is unchanged this morning, as it is still trading within a short-term consolidation. What about the other precious metals? Silver gained 2.21% on Monday and today it is 0.3% lower. Platinum gained 1.49% and today it is 1.6% lower. Palladium gained 2.30% on Monday and today it is unchanged. So precious metals are mixed this morning.
Yesterdayâs ISM Non-Manufacturing PMI release has been slightly better than expected at 57.8. Today we will get some more Fed/ECB talk. There will be the Fed Chair Powell speech at 10:40 a.m.
Letâs focus on Fridayâs Nonfarm Payrolls release. Where will the price of gold go following last weekâs news? Weâve compiled the data since September of 2018, a 25-month-long period of time that contains of twenty five 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 around 1% in July and September, but in August it lost almost 4%.
The following chart shows the average gold price path before and after the NFP releases for the past 25 months. The market was usually fluctuating for a week before advancing and closing 0.46% higher on the 10th day after the monthly Nonfarm Payrolls release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, October 6
- 4:35 a.m. Eurozone â ECB President Lagarde Speech
- 8:30 a.m. U.S. â Trade Balance
- 9:00 a.m. Eurozone â ECB President Lagarde Speech
- 10:00 a.m. U.S. â JOLTS Job Openings
- 10:40 a.m. U.S. â Fed Chair Powell Speech
- 11:45 a.m. U.S. â FOMC Member Harker Speech
- 6:00 p.m. U.S. â FOMC Member Kaplan Speech
- All Day, Eurozone â ECOFIN Meetings
- All Day, China â Bank Holiday
Wednesday, October 7
- 8:10 a.m. Eurozone â ECB President Lagarde Speech
- 1:00 p.m. U.S. â FOMC Member Kashkari Speech
- 2:00 p.m. U.S. â FOMC Meeting Minutes, FOMC Member Williams Speech
- 3:00 p.m. U.S. â FOMC Member Williams Speech
- 9:45 p.m. China â Caixin Services PMI
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