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):
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