Gold futures contract gained 0.68% on Monday, as it retraced some of late last week’s downward correction following Wednesday’s advance to new long-term high.
The gold futures contract gained 0.68% on Monday, as it retraced some of late last week’s downward correction following Wednesday’s advance to new long-term high of $1,829.80. The recent economic data releases have been better than expected and financial markets went risk-on last week. But yesterday the stock market has reversed its intraday rally before closing lower. Gold broke above medium-term local highs in June, as we can see on the daily chart:
Gold is 0.4% lower this morning, as it is extending a short-term consolidation along $1,800 price level. What about the other precious metals? Silver gained 3.86% on Monday and today it is trading 0.4% lower. Platinum gained 2.02% yesterday and today it is unchanged, palladium gained 2.33% and today it is 0.7% higher. So precious metals are mixed this morning.
Investors will now wait for today’s economic data releases. We will get the U.S. Consumer Price Index at 8:30 a.m. Then in the evening Monetary Policy Statement from Bank of Japan will be released.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, July 14
5:00 a.m. Eurozone – German ZEW Economic Sentiment
6:00 a.m. U.S. – NFIB Small Business Index
8:30 a.m. U.S. – CPI m/m, Core CPI m/m
Tentative, Japan – BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate
All Day, Eurozone – French Bank Holiday
Wednesday, July 15
8:30 a.m. U.S. – Empire State Manufacturing Index, Import Prices m/m
9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
10:00 a.m. Canada – BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
2:00 p.m. U.S. – Beige Book
9:30 p.m. Australia – Employment Change, Unemployment Rate
10:00 p.m. China – GDP q/y
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!
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.