Daily Gold News: Tuesday, July 12 – Gold Hovers Near its New Low, as Dollar Gains

Gold Price Recap

The gold futures contract lost 0.61% on Monday, July 11, as it extended a short-term consolidation following the recent sell-off. The yellow metal’s price reacted to rallying U.S. dollar, among other factors. This morning gold went to the new medium-term low of 1,722 and right now it is trading along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% lower this morning, as it is trading along the $1,730 level. What about the other precious metals? Silver is 1.9% lower, platinum is 2.1% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and NFP Historical Analysis

The markets will be waiting for tomorrow’s Consumer Price Index release.

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 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.

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

Wednesday, July 13

• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
• 10:00 a.m. Canada – BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
• 11:00 a.m. Canada – BOC Press Conference
• 1:01 p.m. U.S. – 30-y Bond Auction
• 2:00 p.m. U.S. – Beige Book, Federal Budget Balance
• 9:30 p.m. Australia – Employment Change, Unemployment Rate

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

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Disclaimer

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