Gold’s intraday reversal, sideways trading action continues

Paul Rejczak Sunshine Profits

The gold futures contract lost 0.05% on Wednesday, as it extended its short-term consolidation above the price level of $1,700. Gold has been breakings lightly 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 0.3% lower this morning following an overnight advance. What about the other precious metals? Silver gained 0.7% on Wednesday and today it is 0.5% lower. Platinum lost 0.68% and today it is0.9% lower. Palladium lost 0.89% yesterday and today it is trading 0.5% lower. So precious metalscontinue to trade within a short-term consolidation.

Yesterday’s US Builiding permits and Housing Starts releases have been mixed. And the Fed Chair Powell’s testimony haven’t been much of a market mover. Today we will have the Philly Fed Manufacturing Index and the Unemployment Claims releases at 8:30 a.m. and then the CB Leading Index release at 10:00 a.m.

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

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.

Friday, June 19

8:30 a.m. U.S. - Current Account.
8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m.
1:00 p.m. U.S. - Fed Chair Powell Speech.
All Day, Eurozone - EU Economic Summit.

Want free follow-ups to the above article and details not available to 99%+ investors? Sign up to our free newsletter today!

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.

EUR/USD holds firm above 1.1900 as US NFP looms

EUR/USD holds its upbeat momentum above 1.1900 in the European trading hours on Wednesday, helped by a broadly weaker US Dollar. Markets could turn cautious later in the day as the delayed US employment report for January will takes center stage.

GBP/USD remains above nine-day EMA near 1.3650

GBP/USD recovers its recent losses from the previous session, trading around 1.3680 during the European hours on Wednesday. The technical analysis of the daily chart indicates a sustained bullish bias, as the pair trades within an ascending channel pattern.

Gold sticks to gains near $5,050 as focus shifts to US NFP

Gold holds moderate gains near the $5,050 level in the European session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal ahead of the critical US NFP release.

US Nonfarm Payrolls expected to show modest job gains in January

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls data for January on Wednesday at 13:30 GMT. Investors expect NFP to rise by 70K following the 50K increase recorded in December.

S&P 500 at 7,000 is a valuation test, not a liquidity problem

The rebound from last week’s drawdown never quite shook the sense that it was being supported by borrowed conviction. The S&P 500 once again tested near the 7,000 level (6,986 as the high watermark) and failed, despite a macro backdrop that would normally be interpreted as supportive of risk.

BNB prolonged correction signals deeper bearish momentum

BNB (BNB), formerly known as Binance Coin, is trading below $618 on Wednesday, marking the sixth consecutive day of correction since the weekend. The bearish price action is further supported by rising short bets alongside negative funding rates in the derivatives market.