The gold
futures contract gained 1.33% on Thursday, as it retraced most of its Wednesday’s decline of 1.7%. On Monday the price has reached slightly above $1,760 and Wednesday’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 1.8% lower this morning following better-than-expected U.S. economic data releases. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals?
Silver gained 0.57% on Thursday and today it is 2.3% lower.
Platinum gained 0.5% and today is 2.7% lower.
Palladium lost 1.81% and today it is 0.6% lower.
So precious metals resume their short-term downtrend today.
The recent economic data releases have been confirming negative
coronavirus impact on global economies. However, today’s
U.S. monthly jobs data came out much better than expected. And the
Nonfarm Payrolls number has been positive.
Below you will find our
Gold, Silver, and Mining Stocks today’s economic news schedule:
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.
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