Daily Gold News: Wednesday, July 7 – Gold Above $1,800 Again
The gold futures contract gained 0.61% on Tuesday, as it extended its short-term uptrend after bouncing from $1,750 price level last week. The market broke above a consolidation following $100 decline. However gold price hasn’t managed to stay above $1,800 yesterday. This morning gold is back above that price mark again, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.6% higher, as it is trading above $1,800 price level. What about the other precious metals? Silver is 1.1% higher, platinum is 0.5% higher and palladium is 1.7% higher. So precious metals’ prices are higher this morning.
Today we will get the FOMC Meeting Minutes release at 2:00 p.m. We will also have some Fed-talk.
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 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:
Wednesday, July 7
- 10:00 a.m. U.S. – JOLTS Job Openings, IBD/TIPP Economic Optimism
- 2:00 p.m. U.S. – FOMC Meeting Minutes
- 3:30 p.m. U.S. – FOMC Member Bostic Speech
- 10:30 p.m. Australia – RBA Governor Lowe Speech
Thursday, July 8
- 8:30 a.m. U.S. – Unemployment Claims
- All Day – G20 Meetings Day 1
For a look at all of today’s economic events, check out our economic calendar.
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