The gold futures contract gained 0.61% on Tuesday, as it extended its short-term uptrend after bouncing from $1,750 price level last week. The market broke above a consolidation following $100 decline. However gold price hasn’t managed to stay above $1,800 yesterday. This morning gold is back above that price mark again, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.6% higher, as it is trading above $1,800 price level. What about the other precious metals? Silver is 1.1% higher, platinum is 0.5% higher and palladium is 1.7% higher. So precious metals’ prices are higher this morning.
Today we will get the FOMC Meeting Minutes release at 2:00 p.m. We will also have some Fed-talk.
Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 34-month-long period of time that contains of thirty four NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 34 months. The market was usually advancing ahead of the release day and closing 0.35% higher on the 10th day after the NFP release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, July 7
10:00 a.m. U.S. – JOLTS Job Openings, IBD/TIPP Economic Optimism
2:00 p.m. U.S. – FOMC Meeting Minutes
3:30 p.m. U.S. – FOMC Member Bostic Speech
10:30 p.m. Australia – RBA Governor Lowe Speech
Thursday, July 8
8:30 a.m. U.S. – Unemployment Claims
All Day – G20 Meetings Day 1
For a look at all of today’s economic events, check out our economic calendar.
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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.
This article was originally posted on FX Empire
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