Gold continues consolidation as markets await economic data, Powell’s speech.
The gold futures contract lost 0.03% on Monday, July 1, as it extended its Friday’s fluctuations following last 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 still trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading below the $2,340 level. What about the other precious metals? Silver is unchanged, platinum is 0.7% higher and palladium is 0.8% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 48.5. Today, we will get the JOLTS Job Openings release at 10:00 a.m. There will also be a speech from the Fed Chair Powell at 9:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, July 3
- 6:30 a.m. U.S. - FOMC Member Williams Speech
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 10:15 a.m. Eurozone - ECB President Lagarde Speech
- 2:00 p.m. U.S. - FOMC Meeting Minutes
Paul Rejczak
Stock Trading Strategist