Gold rebounded from the $2,400 level; Powell’s testimony in focus.
The gold futures contract lost 1.43% on Monday, July 8, as it retraced its Friday’s advance after rebounding from the $2,400 level. Last week, gold 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 trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading along the $2,370 level. What about the other precious metals? Silver is 1.4% higher, platinum is 0.2% lower and palladium is unchanged. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Fed Chair Powell Testimony at 10:00 a.m., among others. Investors will be waiting for the Consumer Price Index release on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
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
Paul Rejczak
Stock Trading Strategist