Gold retracing from Wednesday’s high

Paul Rejczak Sunshine Profits

The gold futures contract lost 0.25% on Thursday, as it retraced some of the recent advance. The market got very close to $1,800 mark on Wednesday but then it has reversed lower. The recent economic data releases didn’t bring any new surprises for the financial markets. However, gold broke above its local highs, as we can see on the daily chart:

Gold is unchanged this morning, as it is continues to fluctuate along Wednesday’s and yesterday’s closing prices. What about the other precious metals? Silver gained1.27% on Thursday and today it is 0.3% higher. Platinum lost 0.24% and today it is trading 0.3% lower. Palladium lost 2.30% yesterday and today it is up 0.8%. So precious metal sextend their short-term consolidation today.

Financial markets are waiting for today’s U.S. economic data releases. We will get the Personal Spending/ Personal Income numbers along with Core PCE Price Index at 8:30:0 a.m. Then the Revised UoM Consumer Sentiment number will be released at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, June 26

8:30 a.m. U.S. - Personal Spending m/m, Personal Income m/m, Core PCE Price Index m/m
10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

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Author

Paul Rejczak

Sunshine Profits

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties.

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