Gold At $1,800 Mark

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Daily Gold News: Tuesday, July 1 – Gold at $1,800 Mark, Breaks Above Local Highs

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Gold Breaks Above Medium-Term Local Highs

The gold futures contract gained 1.08% on Tuesday, as it extended its medium-term uptrend following breaking above last week’s Wednesday’s local high. The market has reached new long-term high of $1,804.0 yesterday. The recent economic data releases didn’t bring any new surprises for the financial markets. However, gold broke above medium-term local highs, as we can see on the daily chart:

Gold Local Highs

Gold is unchanged this morning, as it remains close to yesterday’s daily close. What about the other precious metals? Silver gained 3.17% on Tuesday and today it is trading 0.5% higher. Platinum gained 2.78% yesterday and today it is 1.5% lower, palladium gained 1.75% on Tuesday and today it’s 1.3% lower. So precious metals are mixed this morning.

Tuesday’s Consumer Confidence release was better than expected. Then stocks were advancing following Fed Chair Powell’s testimony. And today’s ADP Non-Farm Employment Change number came out slightly worse than expected. Investors will now wait for the ISM Manufacturing PMI release at 10:00 a.m., among others.

Economic News Schedule

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, July 1

  • 3:50 a.m. Eurozone - French Final Manufacturing PMI
  • 3:55 a.m. Eurozone - German Final Manufacturing PMI
  • 4:00 a.m. Eurozone - Final Manufacturing PMI
  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
  • 2:00 p.m. U.S. - FOMC Meeting Minutes
  • All Day, Canada - Bank Holiday

Thursday, July 2

  • 5:00 a.m. Eurozone- PPI m/m, Unemployment Rate
  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Unemployment Claims, Trade Balance
  • 10:00 a.m. U.S. - Factory Orders m/m
  • 9:45 p.m. China - Caixin Services PMI

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Stock Selection Strategist

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