Daily Gold News: June 5 - Gold Still Moving Sideways

Gold price keeps fluctuating ahead of the important data, including ADP number.

The gold futures contract lost 0.92% on Tuesday, June 4, as it further extended a consolidation following the recent retreat. On previous week, gold broke below $2,400 and it was trading near $2,325. The market reacted to a stronger U.S. dollar and stock market pulling back. On Monday, May 20, gold reached a new record high of $2,454.20.

In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.

This morning, gold is still moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 5 - Gold Still Moving Sideways - Image 1

The gold price is 0.3% higher, as it is trading above the $2,350 level. What about the other precious metals? Silver is also 0.3% higher, platinum is 0.4% lower and palladium is 1.6% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s JOLTS Job Openings release has been lower than expected at 8.06 million. Today, we will get the ADP Non-Farm Employment Change number at 8:15 a.m., and the ISM Services PMI release at 10:00 a.m., among others.

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

Wednesday, June 5

  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. - Final Services PMI
  • 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
  • 10:00 a.m. U.S. - ISM Services PMI
  • 10:30 a.m. Canada - BOC Press Conference

Thursday, June 6

  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 8:45 a.m. Eurozone - ECB Press Conference

Paul Rejczak
Stock Trading Strategist