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Daily Gold News: Thursday, August 11 – Gold is Extending Friday’s Decline

The gold futures contract gained 0.58% on Monday, as it retraced some of its Friday’s 2% drop from new record high price level of 2,089.20. The market has reversed sharply lower following better-than-expected Nonfarm Payrolls release. Last week gold reached the highest in history following U.S. dollar sell-off, among other factors.

Gold is 2.3% lower this morning, as the market is extending its short-term downtrend following Friday’s reversal. What about the other precious metals? Silver gained 6.25% on Monday and today it is 4.0% lower. Platinum gained 3.33% and today it is 3.1% lower. Palladium gained 4.31% on Monday and today it’s 2.2% lower. So precious metals are extending their short-term decline this morning.

Yesterday’s JOLTS Job Openings release has been better than expected at 5.89 million. And today’s German ZEW Economic Sentiment has also been better than expected at 64.0. The markets are going risk-on this morning and that is leading to another sell-off in gold price.

Today we will also get the relatively important U.S. Producer Price Index release at 8:30 a.m.

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

Tuesday, August 11

  • 5:00 a.m. Eurozone – ZEW Economic Sentiment, German ZEW Economic Sentiment

  • 6:00 a.m. U.S. – NFIB Small Business Index

  • 8:30 a.m. U.S. – PPI m/m, Core PPI m/m

Wednesday, August 12

  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m

  • 11:00 a.m. U.S. – FOMC Member Kaplan Speech

  • 1:01 p.m. U.S. – 10-y Bond Auction

  • 2:00 p.m. U.S. – Federal Budget Balance

  • 9:30 p.m. Australia – Employment Change, Unemployment Rate

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For a look at all of today’s economic events, check out our economic calendar.

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

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Disclaimer

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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