Daily Gold News: Wednesday, July 13 – Gold Price Fluctuates Ahead of U.S. Inflation Data

Gold Price Recap

The gold futures contract lost 0.40% on Tuesday, July 12, as it slightly extended its downtrend following rallying U.S. dollar, among other factors. This morning gold went to another new medium-term low of 1,720, but right now it is trading above 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 0.3% lower this morning, as it is still trading along the $1,730 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.1% higher and palladium is 2.1% lower. So the main precious metals’ prices are slightly higher this morning.

Fundamentals and NFP Historical Data

The markets will be waiting for the important Consumer Price Index release today at 8:30 a.m. We will also get the Beige Book release at 2:00 p.m.

Where would the price of gold go following last 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.

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

Thursday, July 14

• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
• 11:00 a.m. U.S. – FOMC Member Waller Speech
• 10:00 p.m. China – GDP q/y, Retail Sales y/y
• All Day, Eurozone – French Bank Holiday

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

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