The gold futures contract lost 1.72% on Tuesday, as it extended its downward correction from last week’s Monday’s new monthly high of $1,775.80. It has retraced almost all of the decline from April 14 high of $1,788.80 before reversing downwards again. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart (updated on Friday):
Gold is 0.7% lower today, as it trading close to $1,700 mark. Financial markets are in risk-on mode, as stocks extend their uptrend. What about the other precious metals?: Silver lost 0.55% on Tuesday and today it is 1.0% lower, platinum lost 1.47% and it trades 0.3% lower this morning. Palladium gained 0.6% yesterday and today it is 0.6% lower.
The recent economic data releases have been confirming a negative coronavirus impact on global economies. Yesterday’s CB Consumer Confidence has come out below 100 level once again and the New Home Sales remained close to 600k. The markets are used to bad economic numbers, as stocks trade relatively close to their medium-term local highs following rebounding from the late March lows.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days. Investors will await tomorrow’s U.S. GDP number release. And today we will get the Richmond Manufacturing Index and the Beige Book:
Wednesday, May 27
3:30 a.m. Eurozone - ECB President Lagarde Speech
10:00 a.m. U.S. - Richmond Manufacturing Index
2:00 p.m. U.S. - Beige Book
Thursday, May 28
8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims , Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary GDP Price Index q/q
10:00 a.m. U.S. - Pending Home Sales m/m
11:00 a.m. U.S. - FOMC Member Williams Speech
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and 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, Przemyslaw Radomski, CFA 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. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA 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. Przemyslaw Radomski, CFA, 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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