Gold price extends its short-term flucutuations; Retail Sales data in focus.
The gold futures contract lost 0.86% on Monday, June 17, as it continued to fluctuate above the $2,300 level. On Friday, it gained 1.3%, 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. 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 closer to the recent lows, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading along the $2,320 level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.3% lower and palladium is 2.5% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Empire State Manufacturing Index release has been higher than expected at -6. Today, we will get the important Retail Sales number at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, June 19
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 9:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- All Day - G7 Meetings
- All Day, U.S. - Bank Holiday
Paul Rejczak
Stock Trading Strategist