More short-term uncertainty ahead of economic data

Paul Rejczak Sunshine Profits

The gold futures contract gained 0.05% on Monday, as it extended its short-term consolidation along last Wednesday’s new yearly high of $1,796.10. The market continued its long-term uptrend last week. The recent economic data releases didn’t bring any new surprises for the financial markets. However, gold broke above the medium-termlocal highs, as we can see on the daily chart:

Gold is trading 0.2% lowerthis morning, as it is fluctuating within a short-term consolidation. What about the other precious metals? Silver gained 0.16% on Monday and today it is 0.2% lower. Platinum gained1.09% yesterday and today it is unchanged, palladium gained 2.04% on Monday and today it’s down 0.1%. So precious metals extend their short-term fluctuations this morning.

Yesterday’s economic data releases from China have been slightly better than expected. The PMI numbers are above 50 mark again. Today we will get the important Consumer Confidence release at 10:00 a.m. and then at 12:30 p.m. the Fed Chair Powell will testify. But investors will be waiting for Thursday’s monthly jobs data release. And tomorrow we will get the ADP Non-Farm Employment Changealong with the ISM Manufacturing PMI numbers.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, June 30

8:30 a.m. Canada - GDP m/m
9:45 a.m. U.S. - Chicago PMI
10:00 a.m. U.S. - CB Consumer Confidence
12:30 a.m. U.S. - Fed Chair Powell Testimony
2:00 p.m. U.S. - FOMC Member Kashkari Speech
9:45 p.m. China - Caixin Manufacturing PMI

Wednesday, July 1

3:50 a.m. Eurozone - French Final Manufacturing PMI
3:55 a.m. Eurozone - German Final Manufacturing PMI
4:00 a.m. Eurozone - Final Manufacturing PMI
8:15 a.m. U.S. - ADP Non-Farm Employment Change
9:45 a.m. U.S. - Final Manufacturing PMI
10:00 a.m. U.S. - ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
2:00 p.m. U.S. - FOMC Meeting Minutes
All Day, Canada - 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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