Gold extends its over month-long consolidation; more economic data in focus.
The gold futures contract gained 0.13% on Friday, June 28, as it fluctuated following its Thursday’s rebound from the $2,300 level. Earlier last week, gold was declining towards the early June lows. On previous Friday, the market dipped, and last Wednesday, it extended declines. Overall, gold continues to fluctuate within a consolidation following a retreat from its May 20 record high of $2,454.20.
This morning, gold is trading along its Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading above the $2,340 level. What about the other precious metals? Silver is 0.1% lower, platinum is 1.5% lower and palladium is 1.7% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Core PCE Price Index release has been as expected at +0.1% m/m. Today, we will get the ISM Manufacturing PMI number 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).
Monday, July 1
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 3:00 p.m. Eurozone - ECB President Lagarde Speech
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, Canada - Bank Holiday
Tuesday, July 2
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:30 a.m. U.S. - Fed Chair Powell Speech
- 9:30 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - JOLTS Job Openings
- Tentative, U.S. - RCM/TIPP Economic Optimism
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist