Gold price is breaking above the recent highs as investors await series of data.
The gold futures contract lost 0.24% on Tuesday, July 2, as it traded within a relatively narrow price range following its last Thursday’s rebound from the $2,300 level. Before the rebound, 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 breaking above its consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.9% higher, as it is trading above the $2,350 level. What about the other precious metals? Silver is 2.6% higher, platinum is 0.4% lower and palladium is 1.9% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s JOLTS Job Openings release has been higher than expected at 8.14 million. Today, we will get the important ADP Non-Farm Employment Change number at 2:15 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, 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
Thursday, July 4
- All Day, U.S. - Bank Holiday
- All Dat, U.K. - Parliamentary Elections
Paul Rejczak
Stock Trading Strategist