Gold Price Fell from $1,750 Resistance Level Again

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 State,ment 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. Platinim 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 US 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 Monwtary Policy Statement release. And tomorrow we will get the U.S. Retail Sales number and a Testimony from the 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.

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All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits' 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, Paul Rejczak 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. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s 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. Paul Rejczak, 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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