Gold price trades sideways ahead of a long holiday weekend.
The gold futures contract lost 0.13% on Wednesday, Apr. 5 as it fluctuated within a relatively tight price range following Tuesday’s rally of 1.9%. On Tuesday gold broke above the recent local highs on U.S. dollar weakness, stock markets’ rally, among other factors. Recently the market fluctuated along the $2,000 level and yesterday’s daily high was at $2,049.20. It was the highest since March of 2022. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate policy.
In early March the yellow metal 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 yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is virtually flat this morning as it is trading slightly below the $2,040 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.8% higher and palladium is 0.6% higher. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +145,000. Today we will get the Unemployment Claims release at 8:30 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).
Thursday, April 6
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. Canada - Ivey PMI
- All Day, Australia – Bank Holiday
Friday, April 7
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- All Day, Canada - Bank Holiday
- All Day, Eurozone – German Bank Holiday
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist