Gold gaining ahead of tomorrow’s Fed release

Paul Rejczak Sunshine Profits

The gold futures contract gained 1.31% on Monday, as it retraced some of its last week's Friday's decline following much better than expected U.S. monthly jobs data release. Global markets went risk-on and gold has sold off as a safe-haven asset. On Monday a week ago the price has reached slightly above $1,760 and Friday's daily low fell at $1,671.70. Gold continues to trade close to the bottom of its medium-term consolidation, as we can see on the daily chart:

Gold is gaining 0.5% this morning, as it retraces more of its Friday's sell-off. 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 2.37% on Monday and today it is 0.9% lower. Platinum gained 3.71% and today it is 1.3% lower. Palladium gained 4.32% yesterday and today it is 2.8% lower. So precious metals' prices are mixed today.

The recent economic data releases have been confirming negative coronavirus impact on global economies. However, Friday's U.S. monthly jobs data came out much better than expected. And the Nonfarm Payrolls number has been positive. Will we get more positive surprises this week? Today we will get the U.S. Wholesale Inventories data. But the markets will await tomorrow's very important data releases: Consumer Price Index and the FOMC Statement.

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

Tuesday, June 9

10:00 a.m. U.S. - Final Wholesale Inventories m/m, JOLTS Job Openings
All Day, Eurozone - ECOFIN Meetings

Wednesday, June 10

8:30 a.m. U.S. - CPI m/m, Core CPI m/m
2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Federal Budget Balance
2:30 p.m. U.S. - FOMC Press Conference

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Author

Paul Rejczak

Sunshine Profits

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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