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Precious Metals’ Rebound: Gold Gaining 0.6% After Friday’s Rout Of 2.6%

Stock Market Strategist & Author
June 8, 2020

The gold futures contract lost 2.57% on Friday 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. Gold is trading at the bottom of its medium-term consolidation, as we can see on the daily chart:

Gold is gaining 0.6% this morning, as it retraces a fraction of its Friday’s decline. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver lost 3.22% on Friday and today it is 1.2% higher. Platinum lost 4.00% and today it is gaining 1.2%. Palladium gained 1.55% on Friday and today it is 0.9% lower. So precious metals retrace some of their Friday’s decline today.

The recent economic data releases have been confirming negative coronavirus impact on global economies. However, Friday’s US monthly jobs data came out much better than expected. And the Non-Farm payrolls number has been positive. But will we get more positive surprises this week? Today the markets will certainly pay attention to the European Central Bank’s President Largarde speech at 9:45 a.m. And tomorrow we will get the U.S. Wholesale Inventories data.

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

Monday, June 8

  • 9:45 a.m. Eurozone - ECB President Lagarde Speech

Tuesday, June 9

  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m, JOLTS Job Openings
  • All Day, Eurozone - ECOFIN Meetings

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

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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 the 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, and is the author of the Gold Price News at, the Silver Price News at, and Stock Trading Alerts at

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