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Daily Gold News: Wednesday, June 3 - Gold Lower After Positive U.S. Data


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The gold futures contract lost 0.93% on Tuesday, as it retraced most of Friday's advance of 1.35%. On Monday the price has reached slightly above $1,760. Yesterday's daily low was at $1,728 and today it's getting close to $1,700. Gold is still trading within its medium-term consolidation, as we can see on the daily chart:

Gold is 1.1% lower this morning following better-than-expected U.S. economic data releases. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver lost 3.01% on Tuesday and today it is 2.2% lower. Platinum lost 3.60% and today is 2.1% lower. Palladium lost 0.29% yesterday and today it is 0.3% higher. So precious metals are trading lower this morning.

The recent economic data releases have been confirming negative coronavirus impact on global economies. Today's ADP Non-Farm Employment Change has been better than expected. However, it was at -2.8 million. Investors will wait for the important ISM Non-Manufacturing PMI number release today. But markets' attention will be focusing on Friday's monthly jobs data release. And tomorrow we will get some quite important European Central Bank's releases.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next three trading days:

Wednesday, June 3

  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 10:00 a.m. U.S. - ISM Non-Manufacturing PMI, Factory Orders m/m
  • 10:00 a.m. Canada - BOC Rate Statement, Overnight Rate
  • All Day, G7 Meetings

Thursday, June 4

  • 7:45 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 8:30 a.m. Eurozone - ECB Press Conference
  • 8:30 a.m. Canada - Trade Balance

Friday, June 5

  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate

Thank you for reading today's quick gold news guide. If you enjoyed it, we invite you to read also our other gold market analyses. This includes our free Fundamental Gold Reports as well as premium Gold & Silver Trading Alerts with clear buy and sell signals and weekly premium Gold Investment Updates. If you're not ready to subscribe to our premium services, a great way to check them out (also the premium services - free for 7 days!), is to sign up for our no-obligation free gold newsletter. We'll only ask to whom (just the first name) and to what e-mail address we should be sending our analyses. Sign up today.

Paul Rejczak
Stock Selection Strategist
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 Rejczaks 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.



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Stock market strategist, who has been known for quality of his technical and fundamental analysis since the late nineties. He is interested in forecasting market behavior based on both traditional and innovative methods of technical analysis. Paul has made his name by developing mechanical trading systems. Paul is the author of Sunshine Profits' premium service for stock traders: Stock Trading Alerts.

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