Gold price remains above $2,300, extending a short-term consolidation.
The gold futures contract gained 1.34% on Friday, June 14, as it rebounded after its Thursday’s decline of 1.6%. The market extended a volatile consolidation following last week’s inflation data releases and the FOMC Rate Decision. Gold continued to fluctuate above the $2,300 level on Friday. In late May, it fluctuated after retreating from its May 20 record high of $2,454.20.
In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.
This morning, gold is extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% lower, as it is trading above the $2,330 level. What about the other precious metals? Silver is 0.5% lower, platinum is 0.9% lower and palladium is 0.2% higher. So, the main precious metals’ prices are lower this morning.
Friday’s UoM Consumer Sentiment release has been lower than expected at 65.6. Today, we will get the Empire State Manufacturing Index at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, June 17
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 9:00 p.m. U.S. - FOMC Member Cook Speech
- All Day - G7 Meetings
Tuesday, June 18
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 1:30 a.m. Australia - RBA Press Conference
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 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. - Business Inventories m/m, FOMC Member Barkin Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- All Day - G7 Meetings
Paul Rejczak
Stock Trading Strategist