The gold futures contract gained 0.05% on Wednesday, as it continued to fluctuate after a short-term advance over the $1,750 price level. The market got back above that level following a downward correction in U.S. dollar and falling stock prices. This morning gold is trading close to its yesterday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is virtually flat, as it is trading above $1,750. What about the other precious metals? Silver is 0.5% higher, platinum is unchanged and palladium is 0.9% higher. So precious metals’ prices are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been better than expected at +568,000 vs. a forecast of +425,000. Today we will get the Unemployment Claims release at 8:30 a.m.
Where would the price of gold go following tomorrow’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 37-month-long period of time that contains of thirty seven 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 lost 2.58% in August and in September it lost 3.81%.
The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.18% higher on the 10th day after the NFP release.
Thursday, October 7
7:30 a.m. U.S. – Challenger Job Cuts y/y
8:30 a.m. U.S. – Unemployment Claims
8:40 a.m. U.S. – FOMC Member Williams Speech
12:00 p.m. Canada – BOC Governor Macklem Speech
9:45 p.m. China – Caixin Services PMI
Friday, October 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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This article was originally posted on FX Empire