Gold Crawling Higher But Precious Metals Mixed

The gold futures contract gained 0.88% on Tuesday, as it further extended its last Friday’s advance. The market got closer to $1,800 mark. Last week’s Powell’s testimonies on Wednesday, Thursday and his Friday’s speech didn’t bring any new surprises for the financial markets. But gold broke above the recent local highs, as we can see on the daily chart:

Gold is 0.2% higher this morning, as it is slightly extending the advance. What about the other precious metals? Siver gained 0.90% on Tuesday and today it is 1.0% lower. Platinum gained 0.32% and today it is down 2.2%. Palladium gained 0.46% yesterday and today it is trading 0.4% higher. So precious metals are basically mixed today.

Today’s German ifo Business Climate number has been slightly better than expected. But financial markets are going risk-off this morning, as stocks are set to open 0.3-0.8% lower at 9:30 a.m. Investors will wait for series of economic data releases tomorrow.

Below you will find our economic news schedule for the next two trading days:

Wednesday, June 24

• 4:00 a.m. Eurozone - German ifo Business Climate

• All Day, China - Bank Holiday\

Thursday, June 25

• 7:30 a.m. Eurozone - ECB Monetary Policy Meeting Accounts

• 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Preliminary Wholesale Inventories m/m, Goods Trade Balance

• 4:30 p.m. U.S. - Bank Stress Test Results

• All Day, China - Bank Holiday

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

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