Daily Gold News: Monday, July 5 – Gold Closer to $1,800, Extending Consolidation

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):

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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