Gold price remains within a consolidation; U.S. holiday lowers volatility.
The gold futures contract gained 0.77% on Tuesday, June 18, as it further extended a short-term consolidation above the $2,300 level. Last Friday, it rebounded after the Thursday’s decline. The market extended its 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 trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading along the $2,340 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.5% higher and palladium is 1.3% higher. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s Retail Sales release has been lower than expected at +0.1% m/m. Today, we will get the NAHB Housing Market Index release at 10:00 a.m. However, there is a holiday in the U.S., likely leading to lower volatility in the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, June 20
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Building Permits, Philly Fed Manufacturing Index, Current Account, Housing Starts
- 3:30 p.m. U.S. - FOMC Member Barkin Speech
Paul Rejczak
Stock Trading Strategist