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):
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.
Advertisement
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%.
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.
Reprinted from Fxempire，the copyright all reserved by the original author.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.