Daily Gold News: July 7 – Gold Price Bounced From $1,900 Again

Gold extends its consolidation above $1,900 as markets await U.S. jobs data release.

The gold futures contract lost 0.61% on Thursday, July 6 as it went closer to its last week’s local low again. Recently it fluctuated following last 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. 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 slightly above the $1,920 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: July 7 – Gold Price Bounced From $1,900 Again - Image 1

The gold price is 0.4% higher this morning as it is bouncing from around $1,900 again. What about the other precious metals? Silver is unchanged, platinum is 0.1% higher and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s important ADP Non-Farm Employment Change has been much higher than expected at +497,000. Today we will get the monthly jobs data release at 8:30 a.m.

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

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

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

Paul Rejczak
Stock Trading Strategist