Gold going sideways ahead of powell’s testimony on monetary policy
|The gold futures contract lost 0.58% on Monday, as it retraced some of its last week's advance. The price has been breaking above $1,750 mark recently. But it came back closer to $1,700 yesterday. 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 0.2% higher this morning. What about the other precious metals? Silver lost 0.47% on Monday and today it is 0.1% lower. Platinum gained 0.33% and today it is 0.4% higher. Palladium lost 0.28% on Monday and today it is trading 1.2% higher. So precious metals are going sideways this morning.
The recent economic data releases have been confirming negative coronavirus impact on global economies. However, previous Friday's U.S. monthly jobs data along with Nonfarm Payrolls number have been positive.
Today we will get the important U.S. Retail Sales number at 8:30 a.m. and a Testimony from the Fed Chair Powell at 10:00 a.m. The Retail Sales number will likely be positive following last month's decline of over 16%. Expectations for the month of May are at around +8%. Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, June 16
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8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
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9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
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10:00 a.m. U.S. - Fed Chair Powell Testimony, Business Inventories m/m, NAHB Housing Market Index
Wednesday, June 17
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8:30 a.m. U.S. - Building Permits, Housing Starts
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8:30 a.m. Canada - CPI m/m
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12:00 a.m. U.S. - Fed Chair Powell Testimony
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9:30 p.m. Australia - Employment Change, Unemployment Rate
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