Gold’s Intraday Reversal, Sideways Trading Action Continues

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 breaking slightly 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 is 0.9% lower. Palladium lost 0.89% yesterday and today it is trading 0.5% lower. So precious metals continue to trade within a short-term consolidation.

Yesterday’s U.S.Building 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 anf Minig 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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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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