Daily Gold News: Wednesday, August 4 – Gold Going SidewaysToday gold is 0.2% higher, as it continues to trade above $1,800 mark. What about the other precious metals?
The gold futures contract lost 0.44% on Tuesday, as it traded within a short-term consolidation following Friday’s retreat. On Thursday, the market broke above its July 15 high of $1,835 and it gained 2%. Then on Friday it has lost around 1%. Precious metals’ prices followed weakening U.S. dollar. This morning gold is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
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Today gold is 0.2% higher, as it continues to trade above $1,800 mark. What about the other precious metals? Silver is 0.6% higher, platinum is 0.4% lower and palladium is 0.7% higher. So precious metals’ prices are mixed this morning.
Yesterday’s Factory Orders release has been better than expected at +1.5%. Today we will get the ADP Non-Farm Employment Change and ISM Services PMI releases, among others.
The markets are waiting for the monthly jobs data release on Friday.
Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 35-month-long period of time that contains of thirty five 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 gained 1.45% in July and in June it lost 6.50%.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, August 4
- 8:15 a.m. U.S. – ADP Non-Farm Employment Change
- 9:45 a.m. U.S. – Final Services PMI
- 10:00 a.m. U.S. – ISM Services PMI, FOMC Member Clarida Speech
Thursday, August 5
- 7:00 a.m. U.K. – BOE Monetary Policy Report, Monetary Policy Summary, Official Bank Rate
- 7:30 a.m. U.S. – Challenger Job Cuts y/y
- 8:30 a.m. U.S. – Unemployment Claims, Trade Balance
- 10:00 a.m. U.S. – FOMC Member Waller Speech
- 7:00 p.m. Australia – RBA Governor Lowe Speech
- 9:30 p.m. Australia – RBA Monetary Policy Statement
For a look at all of today’s economic events, check out our economic calendar.
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