The gold futures contract lost 0.11% on Friday, as the market slightly extended its short-term 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 late last week. Gold broke above medium-term local highs in June, as we can see on the daily chart:
Gold is 0.5% higher this morning, as it is trading along Friday's daily high. What about the other precious metals? Silver gained 0.48% on Friday and today it is trading 2.5% higher. Platinum lost 0.12% on Friday and today it is 4.2% higher, palladium gained 1.59% and today it is 0.8% higher. So precious metals are advancing this morning.
Friday's Producer Price Index release has come out negative at -0.2% and it's been lower vs. the expectations of +0.4%. Today we will get a speech from the Fed Member Williams at 11:30 a.m. and economic data from China later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, July 13
- 11:30 a.m. U.S. - FOMC Member Williams Speech
- Tentative, China - Trade Balance, USD-Denominated Trade Balance
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
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
