The gold futures contract lost1.14% on Wednesday after reaching new long-term high of $1,807.70. The market has retraced its Tuesday’s advance following intraday reversal and a breakdown below $1,800 mark. The recent economic data releases didn’t bring any new surprises for the financial markets. However, gold broke above medium-termlocal highs, as we can see on the daily chart:
Gold is0.2% higherthis morning, as it retraces some of yesterday’s decline. What about the other precious metals? Silver lost 2.25% on Wednesday and today it is trading 0.2% lower. Platinum lost 1.97% yesterday and today it is 0.4% higher, palladium lost 1.84% and today it’s 0.1% lower. So precious metalsare going sideways this morning.
Yesterday’s ADP Non-Farm Employment Change number came out slightly worse than expected. And the ISM Manufacturing PMI releasehas been better than expected. The markets are now waiting for today’s U.S. monthly jobs data release at 8:30 a.m. We will likely see an increased volatility following the announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, July 2
- 5:00 a.m. Eurozone- PPI m/m, Unemployment Rate
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Unemployment Claims, Trade Balance
- 10:00 a.m. U.S. - Factory Orders m/m
- 9:45 p.m. China - Caixin Services PMI
Friday, July 3
- 3:50 a.m. Eurozone - French Final Services PMI
- 3:55 a.m. Eurozone - German Final Manufacturing PMI
- 4:00 a.m. Eurozone - German Final Manufacturing PMI
- All Day, U.S. - Bank Holiday
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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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