Daily Gold News: Wednesday, Dec. 9 – Golds Downward Correction

The gold futures contract gained 0.48% on Tuesday, as it slightly extended its recent advance. Last week the market has reached a new low following breaking below local lows along the price level of $1,850. Four weeks ago gold sold off 5% in one day after global financial markets‘ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. The market is trading above $1,850 price level again, as we can see on the daily chart ( the chart includes todays intraday data):

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Gold is 0.9% lower this morning, as it is retracing some of the recent advances. What about the other precious metals？ Silver lost 0.23% on Tuesday and today it is 2.1% lower. Platinum lost 1.18% and today it is 1.4% lower. Palladium lost 1.00% on Tuesday and today its 0.7% lower. So precious metals are lower this morning.

Yesterdays Nonfarm Productivity number release has been slightly worse than expected at +4.6%. Today we will get Final Wholesale Inventories data, among others. The markets will await ECB talk on Thursday.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, December 9

• 10:00 a.m. U.S. – Final Wholesale Inventories m/m, JOLTS Job Openings

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

Thursday, December 10

• 7:45 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement

• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, Unemployment Claims

• 8:30 a.m. Eurozone – ECB Press Conference

• 2:00 p.m. U.S. – Federal Budget Balance

For a look at all of todays economic events, check out our economic calendar.

Paul Rejczak

Stock Selection Strategist

Sunshine Profits: Analysis. Care. Profits.

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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.

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