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Paul Rejczak
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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%.

The following chart shows the average gold price path before and after the NFP releases for the past 34 months. The market was usually advancing ahead of the release day and closing 0.35% higher on the 10th day after the NFP release.

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.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

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