The gold futures contract lost 0.39% on Wednesday after reaching new long-term high of $1,796.10. The market got very close to $1,800 mark but then it has retraced the whole intraday advance. The recent economic data releases didn’t bring any new surprises for the financial markets. However, gold broke above the recent highs, as we can see on the daily chart:
Gold is 0.1% higher this morning, as it is fluctuating along yesterday’s closing price. What about the other precious metals? Silver lost 2.18% on Wednesday and today it is 0.6% higher. Platinum lost 4.94% and today it’s up 0.8%. Palladium lost 3.21% yesterday and today it is 0.2% higher. So precious metals are mixed following yesterday’s declines.
Financial markets went risk-off yesterday’s despite better-than-expected German ifo Business Climate number release. Investors will wait for series of the U.S. economic data releases today. We will get the GDP number, Unemployment Claims and Durable Goods Orders at 8:30 a.m. The final GPD is expected to be at -5.0%. And the Unemployment Claims are set to remain well above 1 million.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, June 25
- 7:30 a.m. Eurozone – ECB Monetary Policy Meeting Accounts
- 8:30 a.m. U.S. – Final GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary Wholesale Inventories m/m, Goods Trade Balance
- 4:30 p.m. U.S. – Bank Stress Test Results
- All Day, China – Bank Holiday
Friday, June 26
- 8:30 a.m. U.S. – Personal Spending m/m, Personal Income m/m, Core PCE Price Index m/m
- 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!
For a look at all of today’s economic events, check out our economic calendar.
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *
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.