The gold futures contract gained 0.37% on Wednesday as it continued to fluctuate after reaching new monthly high of $1,775.80 on Monday. It has retraced almost all of its downward correction from April 14 high of $1,788.80. The market is extending over month-long consolidation, as we can see on the daily chart:
Gold is 0.5% lower today and it remains close to yesterday's daily low. What about the other precious metals?: Silver gained 0.73% on Wednesday and today it is 1.3% lower. Platinum gained 5.05% and today it is 1.8% lower. Palladium gained 4.08% and today it is declining by 1.86. So precious metals are trading within a short-term correction this morning.
Today's economic data releases have been as expected so far. The Philly Fed Manufacturing Index lost over 40 points and the Unemployment Claims came in at over 2.4 million. But the markets are used to bad economic numbers, as stocks are set to open relatively flat. We will also wait for the most important piece of economic data today, Flash Manufacturing and Services PMI's at 9:45 a.m. Then, the Fed Chair Powell will speak. Take a look at our Monday's Market News Report to find out about this week's economic data announements.
And here's Gold, Silver, and Mining Stocks economic news schedule for today:
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8:30 a.m. U.S. - Philly Fed Manufacturing Index, Unemployment Claims
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8:30 a.m. Canada - ADP Non-Farm Employment Change, NHPI m/m
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9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
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10:00 a.m. U.S. - CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
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1:00 p.m. U.S. - FOMC Member Clarida Speech
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2:30 p.m. U.S. - Fed Chair Powell Speech
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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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