Gold and Silver higher again

Paul Rejczak Gold Price Forecast

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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Author

Paul Rejczak

Gold Price Forecast

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties.

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