Gold Going Sideways After Last Week's Advance

Gold is still trading within its medium-term consolidation,

Sunshine Profits
    Jun 02, 2020 8:50 AM  PT
 Gold Going Sideways After Last Week's Advance
author: Sunshine Profits   

The gold futures contract lost 0.08% on Monday, as it fluctuated following Friday's advance of 1.35%. Early last week it has been extending a consolidation after bouncing off $1,700 support level on Wednesday. Gold is still trading within its medium-term consolidation, as we can see on the daily chart:




Gold is unchanged this morning, as it is still trading along $1,750 price level. 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 1.77% on Monday and today it is 0.4% lower. Platinum gained 3.03% and today is trading 0.4% lower. Palladium gained 0.79% yesterday and today it is 1.2% higher. So precious metals are mixed this morning.

 The recent economic data releases have been confirming negative coronavirus impact on global economies. Yesterday's ISM Manufacturing PMI release came out along with expectations, however still well below 50 mark. There will be no important economic data releases today. The markets will wait for tomorrow's ADP Non-Farm Employment Change and ISM Non-Manufacturing PMI releases.


Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:


Tuesday, June 2

·         1:30 a.m. Australia - Cash Rate, RBA Rate Statement

·         9:30 p.m. Australia - GDP q/q

·         9:45 p.m. China - Caixin Services PMI


Wednesday, June 3

·         8:15 a.m. U.S. - ADP Non-Farm Employment Change

·         10:00 a.m. U.S. - ISM Non-Manufacturing PMI, Factory Orders m/m

·         10:00 a.m. Canada - BOC Rate Statement, Overnight Rate

·         All Day, G7 Meetings


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Contributed By: 

Paul Rejczak

Stock Selection Strategist

Sunshine Profits: Analysis. Care. Profits.

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