Daily Gold News: June 11 – Gold Trading Sideways

Gold price remains above $2,300; tomorrow’s inflation and Fed releases in focus.

The gold futures contract gained 0.09% on Monday, June 10, as it fluctuated after its last Friday’s sell-off of around 2.8%. On Friday, gold broke below some previous lows following monthly jobs data and a stronger U.S. dollar, among other factors. Recently, 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 11 – Gold Trading Sideways - Image 1

The gold price is 0.2% lower, as it is trading above the $2,320 level. What about the other precious metals? Silver is 1.9% lower, platinum is 1.9% lower and palladium is 2.0% lower. So, the main precious metals’ prices are lower this morning.

The markets will be waiting for the important CPI number and the FOMC release tomorrow.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Tuesday, June 11

  • 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 9:30 p.m. China - CPI y/y, PPI y/y

Wednesday, June 12

  • 2:00 a.m. U.K. - GDP m/m
  • 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
  • 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement, Federal Budget Balance
  • 2:30 p.m. U.S. - FOMC Press Conference
  • 3:15 p.m. Canada - BOC Governor Macklem Speech
  • 9:30 p.m. Australia - Employment Change, Unemployment Rate
  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist