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 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.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, July 1
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3:50 a.m. Eurozone - French Final Manufacturing PMI
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3:55 a.m. Eurozone - German Final Manufacturing PMI
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4:00 a.m. Eurozone - Final Manufacturing PMI
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8:15 a.m. U.S. - ADP Non-Farm Employment Change
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9:45 a.m. U.S. - Final Manufacturing PMI
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10:00 a.m. U.S. - ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
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2:00 p.m. U.S. - FOMC Meeting Minutes
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All Day, Canada - Bank Holiday
Thursday, July 2
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5:00 a.m. Eurozone- PPI m/m, Unemployment Rate
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8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Unemployment Claims, Trade Balance
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10:00 a.m. U.S. - Factory Orders m/m
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9:45 p.m. China - Caixin Services PMI
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and 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, Przemyslaw Radomski, CFA 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. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA 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. Przemyslaw Radomski, CFA, 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.
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