Daily Gold News: July 10 – Gold Trades Sideways
Gold is still trading within a consolidation as markets await Wednesday’s CPI data.
The gold futures contract gained 0.89% on Friday, July 7 as it extended a consolidation along the $1,920 level. Recently it fluctuated following the rebound from new local low of $1,900.60. On Thursday June 29 it was the lowest since mid-March. In the first half of June gold has been fluctuating along the $1,920 level, but a stronger U.S. dollar, stock markets’ advances pushed the yellow metal’s price lower.
In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.
Today gold is trading closer to the $1,930 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower this morning as it is still trading within a consolidation. What about the other precious metals? Silver is unchanged, platinum is 0.7% higher and palladium is 0.3% lower. So the main precious metals’ prices are virtually flat this morning.
Friday’s Nonfarm Payrolls number release has been slightly lower than expected at +209,000. Today we will get the Final Wholesale Inventories release, among others. The markets will be waiting for the important CPI release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, July 10
- 10:00 a.m. U.S. - Final Wholesale Inventories, FOMC Member Barr Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- 3:00 p.m. U.K. - BOE Governor Bailey Speech
- 9:30 p.m. Australia - NAB Business Confidence
Tuesday, July 11
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y,
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 11:10 p.m. Australia - RBA Governor Lowe Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
Stock Trading Strategist