Gold going sideways ahead of data, long holiday weekend

Paul Rejczak Sunshine Profits

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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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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