The gold futures contract gained 1.34% on Thursday, as it further extended its uptrend following recent breakout above the short-term trading range and $1,800 price level. The yellow metal has reached the highest since August-September of 2011 once again. Financial markets have been going risk-on following series of better-than-expected economic data and quarterly corporate earnings releases. Last month gold broke above medium-term local highs along $1,750 price level, as we can see on the daily chart:
Gold is 0.3% higher this morning, as it is fluctuating along yesterday's daily high. What about the other precious metals? Silver lost 0.67% on Thursday and today it is 0.1% higher. Platinum gained 0.67% and today it is trading 0.7% lower. Palladium gained 0.48% and today it's 1.4% higher. So precious metals are trading within a short-term consolidation this morning.
Yesterday's U.S. Unemployment Claims release has been worse than expected with a reading of over 1.4 million mark again. But today's Eurozone's PMI numbers have come out better than expected. The markets will wait for the U.S. Flash Manufacturing PMI/ Flash Services PMI release at 9:45 a.m. and then the New Home Sales release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, July 24
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - New Home Sales
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
