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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AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.