Gold FX Empire

Daily Gold News: Friday, June 3 – Gold Broke Above its Recent Highs on Weaker USD

Gold Price Recap

The gold futures contract gained 1.23% on Thursday, June 2, as it broke above its recent trading range. It went the highest since early May on U.S. dollar weakness, among other factors. In mid-May gold fell below the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning yellow metal is trading along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% lower this morning, as it is fluctuating within a relatively thin range. What about the other precious metals? Silver is 0.5% higher, platinum is 0.6% higher and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’ ADP Non-Farm Employment Change release has been lower than expected at only +128,000. Today we will get the important Nonfarm Payrolls release at 8:30 a.m. It is expected at +325,000.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

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

Friday, June 3

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 9:45 a.m. U.S. – Final Services PMI
  • 10:00 a.m. U.S. – ISM Services PMI
  • Tentative, U.S. – Treasury Currency Report
  • All Day, U.K. – Bank Holiday

For a look at all of today’s economic events, check out our economic calendar.

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

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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ 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, Paul Rejczak 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. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s 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. Paul Rejczak, 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.