Daily Gold News: July 6 – Gold Price Remains Within a Consolidation
Gold trades slightly higher ahead of economic data releases.
The gold futures contract lost 0.12% on Wednesday, July 5 as it extended a short-term consolidation 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 fluctuating along the $1,920 level, but a stronger U.S. dollar, stock markets’ advances pushed the yellow metal’s price lower last week.
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 along 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% higher this morning as it is still trading within a short-term consolidation. What about the other precious metals? Silver is 0.2% higher, platinum is 0.5% higher and palladium is 0.9% higher. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s Factory Orders release has been lower than expected at +0.3% m/m. Today we will get the ADP Non-Farm Employment Change, Unemployment Claims and the ISM Services PMI releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, July 7
- 3:30 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. Canada - Ivey PMI
- 12:45 p.m. Eurozone - ECB President Lagarde Speech
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