Gold Silver

Daily Gold News: Thursday, July 8 – Gold Extends its Short-Term Uptrend

The gold futures contract gained 0.44% on Wednesday, as it continued to trade above $1,800 price level. On Tuesday the market broke above the recent consolidation following a $100 decline. This morning gold is extending its short-term uptrend, 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 slightly above yesterday’s daily high. What about the other precious metals? Silver is 0.1% lower, platinum is 1.2% lower and palladium is 1.0% lower. So precious metals’ prices are mixed this morning.

Today we will get the Unemployment Claims release at 8:30 a.m.

Where would the price of gold go following last 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:

Thursday, July 8

  • 8:30 a.m. U.S. – Unemployment Claims
  • All Day – G20 Meetings Day 1

Friday, July 9

  • 6:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. Canada – Employment Change, Unemployment Rate
  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • Tentative, U.S. – Fed Monetary Policy Report
  • All Day – G20 Meetings Day 2

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

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

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