Daily Gold News: Monday, July 5 – Gold Closer to $1,800, Extending ConsolidationRight now gold is 0.3% higher, as it is trading just below $1,800 price level. What about the other precious metals?
The gold futures contract gained 0.37% on Friday, as it extended its short-term advance following bouncing from $1,750 price level. The market has remained within a short-term consolidation following $100 decline. On June 1 gold price was the highest since early January. Then it has been declining towards the mentioned $1,750 price level. This morning gold is slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):
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Right now gold is 0.3% higher, as it is trading just below $1,800 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 1.1% higher and palladium is 1.1% higher today. So precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been better than expected at +850,000 vs. +725,000 expected. Today we won’t get any new important economic data releases. Volatility will likely be relatively low during a long holiday weekend in the U.S.
Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 34-month-long period of time that contains of thirty four NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold lost 6.50% in June and in May it gained 2.48%.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, July 5
- All Day, U.S. – Bank Holiday
- All Day – OPEC-JMMC Meetings
Tuesday, July 6
- 12:30 a.m. Australia – RBA Rate Statement, Cash Rate
- 2:00 a.m. Australia – RBA Governor Lowe Speech
- 5:00 a.m. Eurozone – German ZEW Economic Sentiment, ZEW Economic Sentiment
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – ISM Services PMI
For a look at all of today’s economic events, check out our economic calendar.
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