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.

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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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