Daily Gold News: Friday, August 5 – Gold Price Fluctuates Ahead of Monthly Jobs Release

Gold Price Recap

The gold futures contract gained 1.72% on Thursday, August 4, as it extended a short-term uptrend. It was the highest since early July on rallying stock markets, economic data releases. This morning gold is trading along the $1,800 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.4% lower this morning, as it retraces some of its yesterday’s advance ahead of the important monthly jobs data release. What about the other precious metals? Silver is 0.7% lower, platinum is 0.8% higher and palladium is 0.5% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Unemployment Claims release has been as expected at 260,000. Today we will get the Non-Farm Employment Change, Unemployment Rate and Average Hourly Earnings releases at 8:30 a.m. We may see an increase in volatility following the monthly jobs data announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Friday, August 5

• 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
• 8:30 a.m. Canada – Employment Change, Unemployment Rate
• 3:00 p.m. U.S. – Consumer Credit m/m

Monday, August 8

• No important economic data announcements

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

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