Gold is retracing some of its Monday’s decline ahead of Powell, tomorrow’s CPI.
The gold futures contract gained 0.19% on Tuesday, July 9, as it fluctuated following its Monday’s decline of 1.4%. On Monday, gold retraced its last Friday’s advance, rebounding from the $2,400 level on the incoming data uncertainty, rallying stock prices. Last week, the yellow metal broke above the recent trading range, reaching a local high of $2,401.50 on Friday. Before the rebound, it was declining towards the early June lows. Overall, gold is still fluctuating within a consolidation following a retreat from its May 20 record high of $2,454.20.
This morning, gold is rebounding from yesterday’s local low, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,380 level. What about the other precious metals? Silver is also 0.5% higher, platinum is 0.6% higher and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Fed Chair Powell Testimony at 10:00 a.m. again, among others. Investors will be waiting for the important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, July 10
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, Final Wholesale Inventories m/m
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:30 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Goolsbee Speech
- 7:30 p.m. U.S. - FOMC Member Cook Speech
Thursday, July 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 11:30 a.m. U.S. - FOMC Member Bostic Speech
- 1:00 p.m. U.S. - FOMC Member Musalem Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist