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
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7:00 a.m. U.K. - Official Bank Rate, Monetary Policy Summary.
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8:30 a.m. Canada - ADP Non-Farm Employment Change, NHPI m/m, Wholesale Sales m/m.
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8:30 a.m. U.S. - Philly Fed Manufacturing Index, Unemployment Claims.
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10:00 a.m. U.S. - CB Leading Index m/m.
Friday, June 19
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8:30 a.m. U.S. - Current Account.
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8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m.
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1:00 p.m. U.S. - Fed Chair Powell Speech.
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All Day, Eurozone - EU Economic Summit.
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and 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, Przemyslaw Radomski, CFA 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. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA 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. Przemyslaw Radomski, CFA, 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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