Gold trades sideways as markets await the important U.S. jobs data.
The gold futures contract gained 0.68% on Thursday, June 1 as it further extended its short-term uptrend after bouncing from new medium-term low of 1,936.00 last week. Yesterday’s daily high was at $2,000.70. Recently gold was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.
In early March gold 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 its Thursday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning as it is trading slightly below the $2,000 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.4% lower and palladium is 0.4% higher. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at +278,0000. Today the market is waiting for the important 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, June 2
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
Monday, June 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
Paul Rejczak
Stock Trading Strategist