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Daily Gold News: Tuesday, Dec. 7 – Still No Clear Direction

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·3-min read
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  • SI=F
  • GC=F
  • PA=F
  • PL=F
  • CL=F
  • NG=F
  • ZG=F
  • ZI=F

The gold futures contract lost 0.25% on Monday, as it extended its consolidation below the $1,800 level. The market continues to fluctuate following the recent breakdown below that level. It sold off in late November and it was a reaction to strengthening U.S. dollar and volatile stock prices, among other factors. This morning gold is trading slightly above its yesterday’s closing price, 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 still trading sideways. What about the other precious metals? Silver is 0.3% higher, platinum is 2.2% higher and palladium is 1.8% higher. So precious metals’ prices are slightly higher this morning.

Today we will get the Nonfarm Productivity and Trade Balance releases. The important German ZEW Economic Sentiment release has been better than expected at 29.9 and the stock markets are rallying this morning.

Where would the price of gold go following Friday’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 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 the next two trading days:

Tuesday, December 7

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment

  • 8:30 a.m. U.S. – Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance

  • 10:00 a.m. U.S. – IBD/TIPP Economic Optimism

  • 3:00 p.m. U.S. – Consumer Credit m/m

  • All Day, Eurozone – ECOFIN Meetings

Wednesday, December 8

  • 3:15 a.m. Eurozone – ECB President Lagarde Speech

  • 10:00 a.m. U.S. – JOLTS Job Openings

  • 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate

  • 1:01 p.m. U.S. – 10-y Bond Auction

  • 5:00 p.m. Australia – RBA Governor Lowe Speech

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

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