Daily Gold News: June 15 – Gold Price Breaks Below $1,950

Gold is selling off following yesterday’s Fed announcement.

The gold futures contract gained 0.53% on Wednesday, June 14 as it extended a short-term consolidation along the recent lows and the $1,950 price level. The market reacted to Producer Price Index and the FOMC Statement releases yesterday.

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 below the $1,950 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 15 – Gold Price Breaks Below $1,950 - Image 1

The gold price is 1.3% lower this morning as it is trading along the $1,940 level. What about the other precious metals? Silver is 2.2% lower, platinum is 0.7% lower and palladium is 0.5% lower. So the main precious metals’ prices are lower this morning.

Yesterday’s Producer Price Index release has been lower than expected at -0.3% m/m. The market fluctuated following the Fed’s Interest Rate Decision release. Today we will get another series of economic data releases, including the ECB Rate Decision, Retail Sales and Unemployment Claims numbers, 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 15

  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims,
  • Empire State Manufacturing Index, Philly Fed Manufacturing Index, Import Prices m/m
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate

Friday, June 16

  • 7:45 a.m. U.S. - FOMC Member Waller Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • Tentative, Japan - BOJ Press Conference
  • All Day, Eurozone - ECOFIN Meetings

Paul Rejczak
Stock Trading Strategist