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