Gold Going Sideways Ahead Of Data, Long Holiday Weekend

July 2, 2020
Stock Market Strategist & Author

The gold futures contract lost 1.14% on Wednesday after reaching new long-term high of $1,807.70. The market has retraced its Tuesday’s advance following intraday reversal and a breakdown below $1,800 mark. The recent economic data releases didn’t bring any new surprises for the financial markets. However, gold broke above medium-term local highs, as we can see on the daily chart:

Gold is 0.2% higher this morning, as it retraces some of yesterday’s decline. What about the other precious metals? Silver lost 2.25% on Wednesday and today it is trading 0.2% lower. Platinum lost 1.97% yesterday and today it is 0.4% higher, palladium lost 1.84% and today it’s 0.1% lower. So precious metals are going sideways this morning.

Yesterday’s ADO Non-Farm Employment Change number came out slightly worse than expected. And the ISM Manufacturing PMI release has been better than expected. The markets are now waiting for today’s US monthly jobs data release at 8:30 a.m. We will likely see an increased volatility following the announcement.

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

Thursday, July 2

  • 5:00 a.m. Eurozone- PPI m/m, Unemployment Rate
  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Unemployment Claims, Trade Balance
  • 10:00 a.m. U.S. - Factory Orders m/m
  • 9:45 p.m. China - Caixin Services PMI

Friday, July 3

  • 3:50 a.m. Eurozone - French Final Services PMI
  • 3:55 a.m. Eurozone - German Final Manufacturing PMI
  • 4:00 a.m. Eurozone - German Final Manufacturing PMI
  • All Day, U.S. - Bank Holiday

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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 term “carat” comes from “carob seed,” which was standard for weighing small quantities in the Middle East.

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