Mixed Economic Data, Gold Price Continues Sideways

The gold futures contract lost 0.26% on Thursday, as it further extended its short-term consolidation slightly below the price level of $1,750. Powell’s testimonies on Wednesday and Thursday didn’t bring any new surprises for the financial markets. And gold is still trading within a medium-term consolidation, as we can see on the daily chart:

Gold is trading 0.8% higher this morning, as it gets back to yesterday’s daily high. What about the other precious metals? Silver lost 1.50% yesterday and today it is 1.8% higher. Platinium lost 3.10% and today it gains 2.3%. Palladium lost 0.88% on Thursday and today it is trading 0.4% higher. So precious metals extend their short-term consolidation today.

Thursday’s Philly Fed Manufacturing Index has been much better-than-expected at 27.5 vs. its previous reading of -43.1. But Unemployment Claims number cam at 1.5 million again vs. expectations of 1.3 million. So overall, yesterday’s economic data releases have been mixed.

Today, we won’t have any new important economic news releases. However, the Fed Chief Powell will speak again at 1:00 p.m.

Below you will find our Gold, Silver and Mining Stocks economic news schedule for today:

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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