The gold futures contract gained 0.4% on Friday, as it extended its uptrend following recent breakout above the short-term trading range and $1,800 price level. The yellow metal has reached the highest since August-September of 2011 once again following U.S. dollar sell-off, among other factors. Last month gold broke above medium-term local highs along $1,750 price level, as we can see on the daily chart:
Gold is 2.2% higher this morning, as it is accelerating the uptrend. The market is at a new record high. What about the other precious metals? Silver lost 0.60% on Friday and today it is 7.7 % higher. Platinum lost 0.81% and today it’s trading 3.1% higher. Palladium gained 2.42% and today it is 3.4% higher. So precious metals are extending their uptrend this morning.
Yesterday’s U.S. Flash Manufacturing PMI/ Flash Services PMI releases have been slightly worse than expected. Today we will get the Durable Goods Orders number at 8:30 a.m. But the markets will await Wednesday’s FOMC Statement release and Thursday’s U.S. Advance GDP number. The GDP is expected to decline by a stunning 35.0% q/q!
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, July 27
- 4:00 a.m. Eurozone – German ifo Business Climate
- 6:00 a.m. Eurozone – German Buba Monthly Report
- 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
Tuesday, July 28
- 9:00 a.m. U.S. – S&P/CS Composite-20 HPI y/y
- 10:00 a.m. U.S. – CB Consumer Confidence, Richmond Manufacturing Index
- 9:30 p.m. Australia – CPI q/q, Trimmed Mean CPI q/q
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For a look at all of today’s economic events, check out our economic calendar.
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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.
This article was originally posted on FX Empire
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