Gold Price Close To Yearly High Again

Gold Price Close To Yearly High Again by Paul Rejczak for Sunshine Profits

The gold futures contract gained 0.76% on Monday, as it extended its Friday’s advance of 1.3%.  The market has remained above the price level of $1,750. 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 has got very close to its medium-term highs, as we can see on the daily chart.

Gold is 0.3% higher this morning, as it is slightly extending its recent advance. What about the other precious metals? Silver gained 0.31% on Monday and today it is 1.1% higher. Platinum gained 1.98% and today it is up 0.7%. Palladium gained 1.77% on Monday and today it is trading 0.2% lower. So precious metals generally extend their short-term uptrend today.

Today’s Eurozone PMI numbers releases have been better-than-expected. And the markets  will now await the U.S. Flash Manufacturing PMI/ Flash Services PMI releases at 9:45 a.m. Then we will get the New Home Sales along with the Richmond Manufacturing Index numbers at 10:00 a.m.

The U.S. Flash PMI numbers for June are expected to get back to their neutral values of around 50. Last month they were at 38-40.

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

Tuesday, June 23

  • 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – New Home Sales, Richmond Manufacturing Index

Wednesday, June 24

  • 4:00 a.m. Eurozone – German ifo Business Climate
  • All Day, China – Bank Holiday

Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter.  Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!

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

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Sunshine Profits is built around the belief that we are in a secular bull market in all commodities and that precious metals will be among its greatest beneficiaries. Having established long term trends, our investment strategy focuses on evaluating low-risk entry points, as well as timing potential tops. "Does something really work over the long run?" -- that's the big question we strive to answer. We're proud of the value that SP proprietary indicators, tools and weekly market analysis bring to our customers. We are proud to be the first to find important, but still largely unknown relations, that influence gold prices, such as the one combining seasonal tendencies with expirations of derivatives. We understand that quality doesn't come cheap. We spend many, many months on research and development of each of our tools -- and we leave nothing behind, we give our best to you. That's why, as our valued customer, you can be confident: what you get from us is always of greatest quality, usefulness and profitability.