The gold futures gained 0.54% on Friday, as it further extended its short-term consolidation following the recent advance to new long-term high of $1,829.80. For now, it looks like a relatively flat correction within an uptrend. The financial markets have been going sideways recently, depsite series of better-than-expected economic data releases. Last month gold broke above medium-term local highs in June, as we can see on the daily chart:
Gold is 0.2% higher this morning, as it’s getting closer to its recent local high. What about the other precious metals? Silver gained 0.98% on Friday and today it is 1.2% higher. Platinum gained 1.51% and today it is 1.4% higher. Palladium gained 2.30% and today it is 1.3% higher. So precious metals are extending their short-term advance this morning.
Last week’s Friday’s housing market data have been basically as expected. But the Michigan Sentiment number has come out worse than expected. Today and tomorrow we won’t get any important economic data releases. However, the markets will await series of the U.S. quarterly corporate earnings releases this week.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, July 20
- 10:30 p.m. Australia – RBA Governor Lowe Speech
- All Day, Eurozone – EU Economic Summit
Tuesday, July 21
- 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m
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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.