Daily Gold News: Thursday, July 1 – Gold Price is Breaking Below $1,800 Level

Gold Price Recap

The gold futures contract lost 0.56% on Thursday, June 30, as it extended its short-term downtrend after breaking below the $1,850 price level. The market went closer to the $1,800 following strengthening U.S.dollar, among other factors. This morning gold is trading below the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 1.1% lower this morning, as it is breaking below the $1,800 price level. What about the other precious metals? Silver is 2.9% lower, platinum is 1.9% lower and palladium is 1.9% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Core PCE Price Index release has been slightly lower than expected at +0.3%. Today we will get the ISM Manufacturing PMI release, among others.

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

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

Friday, July 1

• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
• All Day, Canada – Bank Holiday

Monday, July 4

• 10:30 a.m. Canada – BOC Business Outlook Survey
• All Day, U.S. – Bank Holiday

For a look at all of today’s economic events, check out our economic calendar.

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

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