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Tag Archives: Sunshine Profits

Unemployment Rate Drops. Will It Drag Gold Down?

The U.S. labor market improved in August, although headlines paint too rosy a picture. What does it all mean for the gold market? Great news for the U.S. labor market: according to the BLS, the American economy regained 1.4 million jobs, while the unemployment rate fell below 10 percent for the first time in the pandemic era! To be more precise, the unemployment rate declined from 10.2 percent in July to 8.4 percent in August, as the chart below shows. Importantly, the fall in the...

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FOMC Minutes Push Gold Down

July FOMC minutes hit the gold prices. But what’s next for the yellow metal? The key event last week was the publication of the minutes from the FOMC meeting in July. After their release, the U.S. dollar jumped, while the price of gold dropped, as the chart below shows. Why? Well, the Fed officials disappointed investors who expected some clues about upgrading the U.S. central bank’s forward guidance in September. In other words, the Fed failed to provide any new guidance as to the interest...

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Daily Gold News: Monday, June 22 – Gold Closer to Medium-Term High

The gold futures contract gained 1.27% on Friday, as it broke slightly 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 got closer to its medium-term highs. However, it continues to trade within a consolidation, as we can see on the daily chart: Gold is 0.2% higher this morning, as it is trading along Friday’s daily high. What about the other precious metals?...

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Daily Gold News: Wednesday, June 17 – Gold Price Bouncing Back and Forth

The gold futures contract gained 0.54% on Tuesday, as it retraced most of its Monday’s decline of 0.58%. The price has been breaking above $1,750 mark recently. But it came back closer to $1,700 on Monday. Last Wednesday’s FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher. However, it is still trading within a medium-term consolidation, as we can see on the daily chart: Gold is trading 0.4% lower this morning. What about the other...

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Daily Gold News: Wednesday, June 10 – Gold Still Gaining, FOMC Ahead

The gold futures contract gained 0.99% on Tuesday, as it retraced its Friday’s decline following much better than expected U.S. monthly jobs data release. Global markets went risk-on and gold has sold off as a safe-haven asset. On Monday a week ago the price has reached slightly above $1,760 and Friday’s daily low fell at $1,671.70. But the gold price is gaining again this week. However, it is still trading within a medium-term consolidation, as we can see on the daily chart: Gold is up 0.6%...

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Will Great Unlock Push Gold Prices Down?

As Great Lockdown was positive for the gold prices, the Great Unlock will be bad, right? We invite you to read our today’s article about the Great Unlock and find out whether it really must be negative for the gold prices. It’s all government’s fault, right? After all, the Great Lockdown was introduced by the federal and state governments introduced, wasn’t? Well, not quite. Before I will explain why, let me clear one thing up: I’m a liberty lover and I’m skeptical about the government...

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

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...

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Will Havoc in the Labor Market and (Dis)Inflation Make Gold Shine?

There is a true havoc in the US labor market, while inflation rate has declined. What does it mean for the gold market? True Pandemonium Emerges in the US Labor Market This week was full of economic data. Let’s analyze them, starting, as usual, from the initial jobless claims, which became one of the most carefully studied indicator during the coronavirus crisis. As the chart below shows, in the week from May 2 to May 9, three millions of Americans applied for unemployment benefits. Chart 1:...

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Gold Daily News: Wednesday, May 13

The gold futures contract gained 0.52% on Tuesday as it continued to fluctuate within a short-term consolidation. The market remains close to the price level of $1,700. Gold is still trading within a flat correction after its April’s advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential medium-term downward reversal. The price of gold is basically going sideways along $1,700 mark since...

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Gold Daily News: Friday, May 8

The gold futures contract gained 2.21% on Thursday, as it retraced Wednesday’s decline and got above $1,700 price level again. Gold is still trading within a flat correction following April’s advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal. The price of gold is basically going sideways along $1,700 mark since early to mid April and it’s trading above February-March...

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