Gold price extends a consolidation; JOLTS Job Openings release in focus.
The gold futures contract gained 1.00% on Monday, June 3, as it continued to fluctuate within a consolidation following the recent retreat. On previous week, gold broke below $2,400 and it was trading near $2,325. The market reacted to a stronger U.S. dollar and stock market pulling back. On Monday, May 20, gold reached a new record high of $2,454.20.
In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.
This morning, gold is retracing its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.9% lower, as it is trading slightly below the $2,350 level. What about the other precious metals? Silver is 3.2% lower, platinum is 1.4% lower and palladium is 1.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 48.7. Today, we will get the important JOLTS Job Openings number 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).
Tuesday, June 4
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 9:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, June 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - ISM Services PMI
- 10:30 a.m. Canada - BOC Press Conference
Paul Rejczak
Stock Trading Strategist