Gold price is going sideways ahead of important data releases.
The gold futures contract gained 1.87% on Monday, July 29, mainly due to a new series. It rebounded after late last week’s weakness. On Thursday, gold broke below the recent lows following stock market sell-off, reaching a local low of $2,351.90. Since last Monday, it has been fluctuating after the previous week’s declines. The market retreated from its previous Wednesday’s new record high of $2,488.40. In mid-July, the yellow metal broke above highs from April and May following advances in stocks, weaker U.S. dollar.
This morning, gold is basically trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading above the $2,430 level again. What about the other precious metals? Silver is 0.6% higher, platinum is 0.2% higher and palladium is 0.2% lower. So, the main precious metals’ prices are higher this morning.
Today, the market will be waiting for the important: CB Consumer Confidence, JOLTS Job Openings at 8:30 a.m., German Preliminary CPI and the Bank of Japan monetary policy release later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, July 30
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, JOLTS Job Openings
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement, BOJ Outlook Report
- All Day, Eurozone - German Preliminary CPI m/m
Wednesday, July 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist