Gold price remains close to $1,950 level as markets await Powell’s Testimony.
The gold futures contract lost 0.74% on Tuesday, June 20 as it went closer to the recent lows again. On Monday it 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 along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading slightly below the $1,950 level. What about the other precious metals? Silver is 0.6% lower, platinum is 1.3% lower and palladium is 2.0% lower. So the main precious metals’ prices are mixed this morning.
Today we will have the important Fed Chair Powell’s Testimony at 10:00 a.m. There will also be speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, June 22
- 4:00 a.m. U.S. - FOMC Member Waller Speech
- 7:00 a.m. U.K. - Monetary Policy Summary, Official Bank Rate, MPC Official Bank Rate Votes
- 8:30 a.m. U.S. - Unemployment Claims, Current Account
- 10:00 a.m. U.S. - Fed Chair Powell Testimony, Existing Home Sales, CB Leading Index m/m
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist