Gold is retracing some of its Friday’s advance; Powell and CPI in focus this week.
The gold futures contract gained 1.19% on Friday, July 5, as it continued its last Wednesday’s advance of 1.5% after breaking above the previous trading range and the $2,350 level. Before the rebound, gold 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 retreating from the Friday’s high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% lower, as it is trading along the $2,380 level. What about the other precious metals? Silver is 1.1% lower, platinum is 1.4% lower and palladium is 1.7% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +206,000 m/m. Today, we will get the Consumer Credit release at 3:00 p.m., but the markets will be waiting for the Fed Chair Powell Testimony tomorrow and on Wednesday, and the important CPI release on Friday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, July 8
- 3:00 p.m. U.S. - Consumer Credit m/m
Tuesday, July 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- 9:15 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, Treasury Secretary Yellen Speech
- 1:30 p.m. U.S. - FOMC Member Bowman Speech
- 9:30 p.m. China - CPI y/y, PPI y/y
Paul Rejczak
Stock Trading Strategist