The gold futures contract gained 0.54% on Tuesday, as it retraced most of its Monday's decline of 0.58%. The price has been breaking 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 0.4% lower this morning. What about the other precious metals? Silver gained 1.45% on Tuesday and today it is 0.1% higher. Platinum gained 2.70% and today it is 1.4% lower. Palladium gained 0.5% yesterday and today it is trading 0.2% lower. So precious metals extend their short-term fluctuations this morning.
Yesterday's U.S. Retail Sales release with a reading of +17.7% has been much better than expected. But then the markets went lower following testimony from the Fed Chair Powell. Today we will have another round of Powell's testimony at 12:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, June 17
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 8:30 a.m. Canada - CPI m/m
- 12:00 a.m. U.S. - Fed Chair Powell Testimony
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
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
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
