The gold futures contract lost 2.34% on Wednesday, as it retraced all of its Monday’s rally in reaction to U.S. dollar’s advance, among other factors. In late November the market has reached a new local low after breaking below the previous local lows along $1,850 price level. Since then it has been retracing the whole decline. The yellow metal got closer to its early November local high of $1,966.10 recently, as we can see on the daily chart ( the chart includes today’s intraday data ):
GoldSo precious metals’ prices are mixed this morning .
Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at -123,000. But investors’ attention focused on news from Capitol Hill. Today we will get the Unemployment Claims and ISM Services PMI releases.
The markets are waiting for Friday’s monthly jobs data release.
Where would the price of gold go following monthly Nonfarm Payrolls release? We’ve compiled the data since September of 2018, a 28-month-long period of time that contains of twenty eight 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
The following chart shows the average gold price path before and after the NFP releases for the past 28 months. The market was usually advancing ahead of the release day and closing 0.37% higher on the 10th day after the NFP release.
Below you will find our Gold
Thursday, January 7
- 8:30 a.m. U.S. – Unemployment Claims, Trade Balance
- 10:00 a.m. U.S. – ISM Services PMI
- 10:00 a.m. Canada – Ivey PMI
Friday, January 8
- 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
- 10:00 a.m. U.S. – Final Wholesale Inventories m/m
For a look at all of today’s economic events, check out our economic calendar.
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