Daily Gold News: Precious Metals Fluctuate Ahead of Fed Talk

Daily Gold News: Precious Metals Fluctuate Ahead of Fed Talk

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 today’s intraday data):

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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.

Yesterday’s 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.

Let’s focus on Friday’s Nonfarm Payrolls release. Where will the price of gold go following last week’s news? We’ve 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%.

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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.

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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 – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – Trade Balance
  • 9:00 a.m. Eurozone – ECB President Lagarde Speech
  • 10:00 a.m. U.S. – JOLTS Job Openings
  • 10:40 a.m. U.S. – Fed Chair Powell Speech
  • 11:45 a.m. U.S. – FOMC Member Harker Speech
  • 6:00 p.m. U.S. – FOMC Member Kaplan Speech
  • All Day, Eurozone – ECOFIN Meetings
  • All Day, China – Bank Holiday

Wednesday, October 7

  • 8:10 a.m. Eurozone – ECB President Lagarde Speech
  • 1:00 p.m. U.S. – FOMC Member Kashkari Speech
  • 2:00 p.m. U.S. – FOMC Meeting Minutes, FOMC Member Williams Speech
  • 3:00 p.m. U.S. – FOMC Member Williams Speech
  • 9:45 p.m. China – Caixin Services PMI

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


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


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Credit: Nasdaq

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