Daily Gold News: June 16 – Gold Price Keeps Going Sideways

Gold bounced from new local low yesterday; today it’s trading above $1,970 again.

The gold futures contract gained 0.09% on Thursday, June 15 as it retraced its intraday decline and a breakdown below the recent local lows. The market bounced from the daily low of $1,936.10 and it closed slightly above the $1,970 level. Gold price reacted to a series of economic data and stock markets’ rally.

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):

Daily Gold News: June 16 – Gold Price Keeps Going Sideways - Image 1

The gold price is 0.2% higher this morning as it is trading above the $1,970 level. What about the other precious metals? Silver is 0.4% higher, platinum is 0.1% lower and palladium is 0.3% lower. So the main precious metals’ prices are higher this morning.

Yesterday’s Retail Sales release has been higher than expected at +0.3% and the Unemployment Claims release has also been higher than expected at 262,000. Today we will get the Preliminary UoM Consumer Sentiment release at 10:00 a.m.

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

Friday, June 16

  • 2:30, Japan - BOJ Press Conference
  • 7:45 a.m. U.S. - FOMC Member Waller Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • All Day, Eurozone - ECOFIN Meetings

Monday, June 19

  • 9:30 p.m. Australia - Monetary Policy Meeting Minutes
  • All Day, U.S. - Bank Holiday

Paul Rejczak
Stock Trading Strategist