Daily Gold News: Tuesday, July 5 – Gold is Lower on Strengthening U.S. Dollar

Gold Price Recap

The gold futures contract gained 0.38% on Monday, July 4, as it traded within a relatively narrow range due to the long holiday weekend in the U.S. Gold further extended its consolidation along the $1,800 price level. On Friday it fell to the new medium-term low of $1,783.40, before bouncing and breaking above the $1,800 level again. The yellow metal’s price reacted to stregthening U.S. dollar, among other factors. This morning it is trading along 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 0.4% lower this morning, as it is retracing its yesterday’s advance because of the U.S. dollar strength. What about the other precious metals? Silver is 0.6% lower, platinum is 2.0% lower and palladium is unchanged. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Today we will get the Factory Orders number release at 10:00 a.m.

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.

Tuesday, July 5

• 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
• 6:00 a.m. U.K. – BOE Governor Bailey Speech
• 10:00 a.m. U.S. – Factory Orders m/m

Wednesday, July 6

• 5:00 a.m. Eurozone – EU Economic Forecasts
• 9:00 a.m. U.S. – FOMC Member Williams Speech
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – JOLTS Job Openings, ISM Services PMI
• 2:00 p.m. U.S. – FOMC Meeting Minutes

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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