Gold Price Trading Up and Down
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 precious metals? Silver gained 1.45% on Tuesday and today it is 0.1% higher. Platinum gained 2.70% and today it is 1.4% lower. Palladium gained 0.5% yesterday and today it is trading 0.2% lower. So precious metals extend their short-term fluctuations this morning.
Yesterday's U.S. Retail Sales release with a reading of +17.7% has been much better than expected. But then the markets went lower following testimony from the Fed Chair Powell. Today we will have another round of Powell's testimony at 12:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, June 17
· 8:30 a.m. U.S. - Building Permits, Housing Starts
· 8:30 a.m. Canada - CPI m/m
· 12:00 a.m. U.S. - Fed Chair Powell Testimony
· 9:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, June 18
· 7:00 a.m. U.K. - Official Bank Rate, Monetary Policy Summary
· 8:30 a.m. Canada - ADP Non-Farm Employment Change, NHPI m/m, Wholesale Sales m/m
· 8:30 a.m. U.S. - Philly Fed Manufacturing Index, Unemployment Claims
· 10:00 a.m. U.S. - CB Leading Index m/m
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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 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.
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