Daily Gold News: June 19 – Gold Price Remains Above $1,950
The yellow metal keeps trading within a consolidation; volatility is low due to a holiday.
The gold futures contract gained 0.03% on Friday, June 16 as it extended a consolidation along the $1,950 price level. 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 lower as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower this morning as it is retracing Thursday’s-Friday’s advance. What about the other precious metals? Silver is 1.0% lower, platinum is 0.5% lower and palladium is 0.4% lower. So the main precious metals’ prices are lower this morning.
Friday’s Preliminary UoM Consumer Sentiment release has been higher than expected at 63.9. Today we won’t get any new important economic data. Volatility is lower due to a long holiday weekend in the U.S.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, June 19
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes
- All Day, U.S. - Bank Holiday
Tuesday, June 20
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 11:45 a.m. U.S. - FOMC Member Williams Speech
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