Week Ahead Commodity Report: Gold Price Forecast [Video]
|December is shaping up to be an incredibly high-impact news driven month.
The highly anticipated U.S jobs report on Friday showed that non-farm payroll data beat expectations and came in at 266,000, marking the biggest gain since January and the lowest jobless rate of 3.5% since 1969.
Earlier in the week, the other big headline event that moved the market was comments from President Donald Trump indicated he was in no hurry to sign a trade deal with China and that another round of tariffs would be imposed on $160 billion worth of Chinese goods on December 15.
December 15 is now a critical date that traders will be watching closely when it comes to U.S-China trade progress with respect to a ‘no go or go on’ tariffs. An additional round of tariffs this month by Trump against China could likely trigger a significant stock market sell-off heading into year-end – similar to the corrections seen in May, August and more recently last week. Such a scenario, would ultimately send precious metal prices skyrocketing going into 2020!
With just three weeks left in 2019, some of the other major trading events ahead that traders will not want to miss out on include; the final FOMC meeting of 2019, UK Election, ECB interest rate announcement and of course the much-awaited first day of trading for Saudi Aramco's shares on December 11.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold, Silver and Crude Oil with the latest price forecast and predictions:
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