The gold futures contract has further extended its long-term uptrend on Thursday after breaking above the short-term consolidation along $2,000 mark earlier in the week. The market reached new record high at the level of $2,081.80 yesterday and it closed 0.98% above Wednesday's closing price. Gold price remains the highest in history following U.S. dollar sell-off, among other factors.

Gold is 0.3% lower this morning, as the market is retracing some of yesterday's advance. What about the other precious metals? Silver rallied 5.62% on Wednesday and today it is 2.1% lower. Platinum gained 2.51% and today it is 2.5% lower. Palladium gained 1.98% yesterday and today it's 3.3% lower. So precious metals are trading within a short-term downward correction this morning.

Yesterday's Unemployment Claims release has been better than expected at 1,186 million. And China's Trade Balance release at 11:00 p.m. has been much higher than expected.

Today we will get the important U.S. monthly jobs data release. Nonfarm Payrolls number is expected to decline to +1,530 million from 4,800 million a month ago. However, Wednesday's ADP Non-Farm Employment Change has been much worse than expected at only 167,000.

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

Friday, August 7

• 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
• 10:00 a.m. U.S. - Final Wholesale Inventories m/m
• 3:00 p.m. U.S. - Consumer Credit m/m

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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.