Gold Still Gaining, FOMC Ahead
The gold futures contract gained 0.99% on Tuesday, as it retraced its Friday's decline following much better than expected U.S. monthly jobs data release. Global markets went risk-on and gold has sold off as a safe-haven asset. On Monday a week ago the price has reached slightly above $1,760 and Friday's daily low fell at $1,671.70. But the gold price is gaining again this week. However, it is still trading within a medium-term consolidation, as we can see on the daily chart:
Gold is up 0.6% this morning, as it extends its short-term uptrend. Financial markets remain in risk-on mode, as stocks continue to hover along with their medium-term highs. What about the other precious metals? Silver lost 0.55% on Tuesday and today it is 2.3% higher. Platinum lost 0.07% and today it is unchanged. Palladium lost 3.43% yesterday and today it is 0.2% higher. So precious metals' prices are mixed again.
The recent economic data releases have been confirming negative coronavirus impact on global economies. However, last Friday's U.S. monthly jobs data came out much better than expected. And the Nonfarm Payrolls number has been positive. Will we get more positive surprises this week? Today's Consumer Price Index has basically been as expected at -0.1%. We will also get the important FOMC Statement at 2:00 p.m. and the Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, June 10
· 8:30 a.m. U.S. - CPI m/m, Core CPI m/m
· 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Federal Budget Balance
· 2:30 p.m. U.S. - FOMC Press Conference
Thursday, June 11
· 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
· All Day, Eurozone - Eurogroup Meetings
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