Gold Silver

Daily Gold News: Thursday, June 3 – Gold Trading Along $1,900 Price Level

The gold futures contract gained 0.26% on Wednesday, as it extended its short-term consolidation following last week’s advances. On Tuesday gold price was the highest since early January. In April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. Today gold continues to trade within a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.8% lower this morning, as it is trading along the recent local lows. What about the other precious metals? Silver is 1.6% lower, platinum is 0.7% lower and palladium is 0.7% lower today. So precious metals are lower this morning.

Today we will get the ADP Non-Farm Employment Change and ISM Services PMI releases, among others. The markets will be waiting for Friday’s monthly jobs data release.

Where would the price of gold go following tomorrow’s NFP release? We’ve compiled the data since September of 2018, a 33-month-long period of time that contains of thirty three NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold gained 2.48% in May and it gained 1.92% in April.

The following chart shows the average gold price path before and after the NFP releases for the past 33 months. The market was usually advancing ahead of the release day and closing 0.55% 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, June 3

  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI
  • 12:30 p.m. U.S. – FOMC Member Bostic Speech
  • 3:05 p.m. U.S. – FOMC Member Quarles Speech

Friday, June 4

  • 7:00 a.m. U.S. – Fed Chair Powell Speech
  • 7:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada – Employment Change, Unemployment Rate, Labor Productivity q/q
  • 10:00 a.m. Canada – Ivey PMI
  • All Day – G7 Meetings

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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