The gold futures contract gained 1.35% on Friday, as it retraced most of the decline from mid-May high of 1,775.80. Early in the last week it has been extending a consolidation after bouncing off $1,700 support level on Wednesday. Gold price is still trading within its medium-term consolidation, as we can see on the daily chart:
Gold is 0.3% higher today, as it is trading within its Friday’s daily range. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals?: Silver gained 2.96% on Friday and today it is 2.0% higher, platinum gained 0.75% and today is trading 2.1% higher. Palladium gained 1.36% yesterday and today it is 0.5% higher. So precious metals extend their Friday’s advances this morning.
The recent economic data releases have been confirming negative coronavirus impact on global economies. Friday’s Chicago PMI release has been worse than expected and the Michigan Sentiment number has come out along with expectations. Today, markets will await the ISM Manufacturing PMI release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, June 1
- 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
- All Day, Eurozone – German Bank Holiday, French Bank Holiday
Tuesday, June 2
- 1:30 a.m. Australia – Cash Rate, RBA Rate Statement
- 9:30 p.m. Australia – GDP q/q
- 9:45 p.m. China – Caixin Services PMI
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For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
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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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