Gold Closer To Long-Term High Again

June 29, 2020
Stock Market Strategist & Author

The gold futures contract gained 0.55% on Friday, as it continued to trade along Wednesday’s new yearly high of $1,796.10. The market has extended its long-term uptrend last week. The recent economic data releases didn’t bring any new surprises for the financial markets, however, gold broke above its local highs, as we can see on the daily chart:

Gold is trading 0.3% lower this morning, as it is further extending the short-term consolidation. What about the other precious metals? Silver gained 0.78% on Friday and today it is 0.1% lower. Platinum gained 2.07% on Friday and today it is 1.0% higher, palladium gained 2.67% on Friday and today it is up 0.9%. So precious metals are mixed on Monday’s morning.

On Friday we got the Personal Spending/Persona Income numbers along with Core PCE Price Index and the Revised UoM Consumer Sentiment number. The data have been generally as expected. This week we will get the important monthly jobs data on Thursday preceded by Wednesday’s ADP’s Non-Farm Employment Change release.

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

Monday, June 29

  • 10:00 a.m. U.S. - Pending Home Sales m/m

  • 9:00 p.m. China - Manufacturing PMI, Non-Manufacturing PMI

  • All Day, Eurozone - Italian Bank Holiday

Tuesday, June 30

  • 8:30 a.m. Canada - GDP m/m

  • 9:45 a.m. U.S. - Chicago PMI

  • 10:00 a.m. U.S. - CB Consumer Confidence

  • 12:30 a.m. U.S. - Fed Chair Powell Testimony

  • 2:00 p.m. U.S. - FOMC Member Kashkari Speech

  • 9:45 p.m. China - Caixin Manufacturing PMI

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Paul Rejczak
Stock Selection 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.

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Paul Rejczak is a stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits’ premium service for stock traders: Stock Trading Alerts.

The first use of gold as money occurred around 700 B.C., when Lydian merchants (western Turkey) produced the first coins

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