Gold selling off after nonfarm payrolls’ positive surprise

Paul Rejczak Sunshine Profits

The gold futures contract gained 1.33% on Thursday, as it retraced most of its Wednesday's decline of 1.7%. On Monday the price has reached slightly above $1,760 and Wednesday's daily low fell at $1,690.30. Gold is still trading within a medium-term consolidation, as we can see on the daily chart:

Gold is trading 1.8% lower this morning following better-than-expected U.S. economic data releases. 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 0.57% on Thursday and today it is 2.3% lower. Platinum gained 0.5% and today is 2.7% lower. Palladium lost 1.81% and today it is 0.6% lower. So precious metals resume their short-term downtrend today.

The recent economic data releases have been confirming negative coronavirus impact on global economies. However, today's U.S. monthly jobs data came out much better than expected. And the Nonfarm Payrolls number has been positive.

Below you will find our Gold, Silver, and Mining Stocks today's economic news schedule:

Friday, June 5

8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
8:30 a.m. Canada - Employment Change, Unemployment Rate

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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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