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