Gold price continues sideways ahead of the important Powell’s Testimony tomorrow.
The gold futures contract lost 0.45% on Monday, June 19 as it extended a consolidation and traded within a relatively narrow price range amid the U.S. long holiday weekend. Last week on Thursday the market bounced from its new local low of $1,936.10 and on Friday it was as high as $1,980.40. Gold price reacted to series of economic data and stock markets’ rally last week.
Gold keeps trading sideways following its mid-May selloff. It was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.
In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading slightly higher as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading above the $1,960 level. What about the other precious metals? Silver is 0.6% lower, platinum is 1.0% lower and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.
Today we will get the Building Permits/ Housing Starts releases at 8:30 a.m. and the FOMC Member Williams speech at 11:45 a.m. The markets will be waiting for tomorrow’s Fed Chair Powell’s Testimony.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, June 20
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 11:45 a.m. U.S. - FOMC Member Williams Speech
Wednesday, June 21
- 2:00 a.m. U.K. - CPI y/y
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, FOMC Member Cook Speech, FOMC Member Jefferson Speech
- 11:40 a.m. U.S. - FOMC Member Goolsbee Speech
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist