The gold futures contract lost 0.14% on Friday, as it remained within its Thursday's daily trading range. The price broke above $1,750 mark once again before closing below that resistance level. Global markets went risk-on and gold has been selling off as a safe-haven asset recently. But 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 1.1% down this morning, as it's retracing last week's advance. What about the other precious metals? Silver lost 2.28% on Friday and today it is 2.2% lower. Platinum lost 0.61% and today it is 0.3% lower. Palladium gained 1.49% on Friday and today it is 0.5% higher. So precious metals retrace their last week's advances this morning.
The recent economic data releases have been confirming negative coronavirus impact on global economies. However, the previous Friday's U.S. monthly jobs data along with Nonfarm Payrolls number have been positive. Last Friday's Preliminary Michigan Sentiment number came at around 79 points. Still around 20-25 points below its 2015-2020 average value of 95-100 points.
Today, the markets will await the Bank of Japan Monetary Policy Statement release. And tomorrow we will get the U.S. Retail Sales number and a Testimony from thre Fed Chair Powell. Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Monday, June 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 11:00 a.m. U.S. - FOMC Member Kaplan Speech
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate
Tuesday, June 16
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, Business Inventories m/m, NAHB Housing Market Index
- Tentative, Japan - BOJ Press Conference
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
