Gold trades sideways along the $1,980 price level as investors await data releases.
The gold futures contract gained 0.25% on Wednesday, May 31 as it slightly extended its short-term uptrend after bouncing from new medium-term low of 1,936.00 last week. Yesterday’s daily high was at $1,993.10, but the market retraced some of the advance. Recently gold was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.
In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading along yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading along the $1,980 level again. What about the other precious metals? Silver is unchanged, platinum is 0.8% higher and palladium is 1.2% higher. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s JOLTS Job Openings release has been higher than expected at 10.10 million. Today we will get the ADP Non-Farm Employment Change release at 8:15 a.m. The market will be waiting for the important tomorrow’s monthly jobs data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, June 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate
- 5:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- 1:00 p.m. U.S. - FOMC Member Harker Speech
- All Day, U.S. - Wards Total Vehicle Sales
Friday, June 2
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
Paul Rejczak
Stock Trading Strategist