Gold price extended its rebound yesterday; U.S. holiday reduces markets’ volatility.
The gold futures contract gained 0.01% on Monday, July 3 as it fluctuated following its Thursday’s-Friday’s rebound. On Thursday the market bounced from new local low of $1,900.60. It was the lowest since mid-March. Recently gold has been bouncing from 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 the local low of around $1,813.
Today gold is trading closer to its yesterday’s daily high as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher this morning as it is trading slightly below the $1,940 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.8% higher and palladium is 0.3% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 46.0. Today the market are less volatile due to the U.S. long holiday weekend. Investors will be waiting for tomorrow’s FOMC Meeting Minutes announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, July 4
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 9:45 a.m. China - Caixin Services PMI
- All Day, U.S. - Bank Holiday
Wednesday, July 5
- 10:00 a.m. U.S. - Factory Orders m/m
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 4:00 p.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
- All Day - OPEC Meetings
Paul Rejczak
Stock Trading Strategist