Daily Gold News: July 5 – Gold Price Extends Consoldiation

Gold trades sideways ahead of the important FOMC Meeting Minutes release.

The gold futures contract gained 0.21% on Tuesday, July 4 as it continued to fluctuate following 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 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 the local low of around $1,813.

Today gold is trading slightly higher as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: July 5 – Gold Price Extends Consoldiation - Image 1

The gold price is 0.1% higher this morning as it is trading above the $1,930 level. What about the other precious metals? Silver is 0.7% lower, platinum is 0.1% lower and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.

The markets will be waiting for the FOMC Meeting Minutes announcement at 2:00 p.m. We will also get the Factory Orders release at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

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

Thursday, July 6

  • 7:30 a.m. U.S. - Challenger Job Cuts y/y
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
  • 8:45 a.m. U.S. - FOMC Member Logan Speech
  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI, JOLTS Job Openings

Paul Rejczak
Stock Trading Strategist