Daily Gold News: Monday, Mar. 8 – Gold Below $1,700 Price Level

London (Mar 8)  The gold futures contract lost 0.13% on Friday, as it slightly extended its downtrend following the recent U.S. dollar’s advance, stocks’ sell-off. The market fell below $1,700 price level and it was the lowest since early June last year. Today gold is trading along the local low, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.8% lower this morning, as it is trading below $1,700 price level again. What about the other precious metals? Silver is 0.1% lower, platinum is 0.7% higher and palladium is virtually unchanged today. So precious metals are mixed this morning.

Friday’s Nonfarm Payrolls release has been much better than expected at +379,000. Today we will get the Wholesale Inventories announcement at 10:00 a.m.

Where would the price of gold go following Friday’s NFP release? We’ve compiled the data since September of 2018, a 30-month-long period of time that contains of thirty 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 0.25% in February and gained 1.08% in January.

The following chart shows the average gold price path before and after the NFP releases for the past 30 months. The market was usually advancing ahead of the release day and closing 0.40% higher on the 10th day after the NFP release.

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