The gold futures contract lost 1.68% on Wednesday, as it got back to $1,700 price level. The market has retraced its recent advance despite weakening U.S. dollar. On Monday the price has reached slightly above $1,760 and yesterday’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

Gold is trading 0.6% higher this morning. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver lost 1.65% on Wednesday and today it is 0.5% higher. Platinum lost 0.9% and today is 0.3% higher. Palladium lost 1.23% and today it is 0.2% higher. So precious metals are rebounding after their yesterday’s decline.

The recent economic data releases have been confirming negative coronavirus impact on global economies. However, yesterday’s ADP Non-Farm Employment Change and the ISM Non-Manufacturing PMI releases came out better than expected. Today, we are getting the European Central Bank’s monetary policy updates. But markets’ attention will be focusing on tomorrow’s U.S. monthly jobs data.

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

Thursday, June 4

7:45 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement

8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance

8:30 a.m. Eurozone - ECB Press Conference

8:30 a.m. Canada - Trade Balance

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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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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