Gold price breaks slightly above $2,350 ahead of the weekly employment data.
The gold futures contract lost 0.18% on Wednesday, June 19, as it continued to fluctuate within a 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 breaking slightly above its recent highs, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,350 level. What about the other precious metals? Silver is 1.6% higher, platinum is 0.6% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s NAHB Housing Market Index release has been lower than expected at 43. The markets were relatively calm due to a holiday in the U.S. Today, investors are waiting for the Unemployment Claims release 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).
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
Friday, June 21
- 2:00 a.m. U.K. - Retail Sales m/m
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist