Gold Crawling Higher But Precious Metals Mixed

June 24, 2020
Stock Market Strategist & Author

The gold futures contract gained 0.88% on Tuesday, as it further extended its last Friday’s advance. The market got closer to $1,800 mark. Last week’s Powell’s testimonies on Wednesday, Thursday and his Friday’s speech didn’t bring any new surprises for the financial markets. But gold broke above the recent local highs, as we can see on the daily chart:

Gold is 0.2% higher this morning, as it is slightly extending the advance. What about the other precious metals? Siver gained 0.90% on Tuesday and today it is 1.0% lower. Platinum gained 0.32% and today it is down 2.2%. Palladium gained 0.46% yesterday and today it is trading 0.4% higher. So precious metals are basically mixed today.

Today’s German ifo Business Climate number has been slightly better than expected. But financial markets are going risk-off this morning, as stocks are set to open 0.3-0.8% lower at 9:30 a.m. Investors will wait for series of economic data releases tomorrow.

Below you will find our economic news schedule for the next two trading days:

Wednesday, June 24

  • 4:00 a.m. Eurozone - German ifo Business Climate

  • All Day, China - Bank Holiday\

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

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!

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

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.

*********

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

Gold Eagle twitter                Like Gold Eagle on Facebook