Gold price forecast from 1 to 5 July

Golden Road

The precious metal in the last month recorded a decline by 11.30% to close by the end of Friday session on $1235.30 USD/ Ounce. The FOMC and the positive data from USA continue to add pressure on the yellow metal. Strong consumer confidence data in the United States, which was stronger than expected and expectations that the Federal Reserve will reduce the bond-buying program this year is a direct reason for the current gold price.

Monday, July 1

Japan is going to publish data on manufacturing and service sector activity, an important indicator of economic health. China will publish sector reports on manufacturing activity both official and private, which of those indicators of economic health.

The UK is going to announce about manufacturing purchasing managers’ index, as well as data on net lending to individuals and mortgage approvals.

The euro zone is to publish official data on the unemployment rate and consumer price inflation, which accounts for the majority of overall inflation.

Markets in Canada remain closed for a national holiday.

In the United States, the Institute for Supply Management will issue a report on manufacturing activity, an index of leading economic indicators.

Tuesday, July 2

The Reserve Bank of Australia will announce the interest rate. Accompanied by a statement of the bank rate, which contains important information about the current economic situation and future from the point of view of the bank.

In the euro zone, Spain will publish official data on the change in the number of unemployed.

The UK is to publish PMI t, a leading indicator of economic health.

The U.S. is to publish official data on factory orders, a leading indicator of production.

Wednesday, July 3

Australia will publish official data on retail sales, the government gauge of consumer spending, which accounts for the majority of overall economic activity, as well as a report on the trade balance.

The euro zone will also release official data on retail sales while Spain and Italy will publish data on the service sector activity.

The UK is to publish data on the service sector activity, an index of leading economic indicators.

The Canada is to publish official data on the trade balance, the difference between the value of imports and exports.

In the United States will publish a report on non-farm payrolls, which is a pointer to a government report two days ago. The United States will also publish a government report on initial weekly jobless claims and one day before the deadline, as well as data on the trade balance.

In addition, any name or will publish a report on U.S. service sector activity.

Thursday, July 4

Australia will publish government data on building permits, a leading indicator of future construction activity.

The European Central Bank will announce its interest rate decision. Followed by a press conference t with President Mario Draghi.

In addition, the Bank of England will announce interest rate decision ..

Remain in the U.S. markets closed for the Independence Day holiday.

Friday, July 5

The Swiss National Bank will publish data on foreign currency reserves, which offers insight into the size of the currency market operations of the Bank. Switzerland will also publish a report on consumer price inflation.

The Germany is to publish official data on factory orders, a leading indicator of production.

The Canada is to publish official data on the change in the number of workers and the unemployment rate, an index of leading economic indicators, as well as the Ivey PMI.

The United States will surround the week of the report of the government closely on non-farm payrolls, unemployment rate and average hourly earnings.

There is an expectation that, the data is going to be positive by the next week the issue which will lead to a decline in gold price.