Daily Gold News: Monday, July 11 – Gold Price Extends Short-Term Consolidation

Gold Price Recap

The gold futures contract gained 0.15% on Friday, July 8, as it fluctuated within a short-term consolidation following the recent sell-off. The yellow metal’s price reacted to rallying U.S. dollar, among other factors. On Firday gold went to the new medium-term low of 1,725.00 and this morning it is trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.3% lower this morning, as it is still trading below the $1,750 level. What about the other precious metals? Silver is 0.5% lower, platinum is 1.9% lower and palladium is 1.5% lower. So the main precious metals’ prices are lower this morning.

Fundamentals

Friday’s important Nonfarm Payrolls release has been higher than expected at 372,000. Today we will have a speech from the FOMC Member Williams at 2:00 p.m.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

Gold after Nonfarm Payrolls

Where would the price of gold go following Friday’s monthly Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 46-month-long period of time that contains of forty six 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 0.52% in June and in May it lost 2.16%.

The following chart shows the average gold price path before and after the NFP releases for the past 46 months. The market was usually advancing ahead of the release day and closing 0.36% higher on the 10th day after the NFP release.

Economic News Schedule

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

Monday, July 11

• 2:00 p.m. U.S. – FOMC Member Williams Speech
• Tentative, Japan – BOJ Governor Kuroda Speech

Tuesday, July 12

• 5:00 a.m. Eurozone – German ZEW Economic Sentiment
• 6:00 a.m. U.S. – NFIB Small Business Index
• 1:00 p.m. U.K. – BOE Governor Bailey Speech
• 1:01 p.m. U.S. – 10-y Bond Auction
• Tentative, Eurozone – EU Economic Forecasts
• All Day, Eurozone – ECOFIN Meetings

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

* * * * *

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.