Gold extends its Friday’s sell-off as stock markets rally on economic data releases.
The gold futures contract lost 1.30% on Friday, June 2 as it retraced some of its recent advances following the U.S. monthly jobs data release nad stock markets’ rally. It bounced from the $2,000 price level and broke below the Thursday’s daily low of around $1,970. 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 extending its short-term downtrend as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower this morning as it is trading along the $1,960 level. What about the other precious metals? Silver is 0.6% lower, platinum is 0.3% higher and palladium is unchanged. So the main precious metals’ prices are lower this morning.
Friday’s Non-Farm Employment Change release has been higher than expected at +339,000. Today we will get the ISM Services PMI number release 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).
Monday, June 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
Tuesday, June 6
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 10:00 a.m. Canada - Ivey PMI
- 7:20 p.m. Australia - RBA Governor Lowe Speech
- 9:30 p.m. Australia - GDP q/q
- Tentative, U.S. - IBD/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist