Daily Gold News: Friday, June 17 – Gold is Trading Along $1,850 Level Again

Gold Price Recap

The gold futures contract gained 1.67% on Thursday, June 16, as it retraced its Wednesday’s intraday decline following important FOMC’s release. The yellow metal broke above the $1,850 price level again and it extended its weeks-long consolidation. This morning gold is trading slightly below the $1,850 level again, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.6% lower this morning, as it is retracing some of yesterday’s advance. What about the other precious metals? Silver is 0.5% lower, platinum is 0.7% lower and palladium is 0.5% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Unemployment Claims release has been higher than expected at 229,000 and the Philly Fed Manufacturing Index release has been worse than expected at -3.3. The Building Permits and Housing Starts releases also have been worse than expected. Today we will have a speech from the Fed Chair Powell and the Industrial Production number release, among others.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

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

Friday, June 17

• 8:45 a.m. U.S. – Fed Chair Powell Speech
• 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
• 10:00 a.m. U.S. – CB Leading Index m/m
• Tentative, Japan – BOJ Press Conference
• All Day, Eurozone – ECOFIN Meetings

Monday, June 20

• 12:45 p.m. U.S. – FOMC Member Bullard Speech
• 8:00 p.m. Australia – RBA Governor Lowe Speech
• 9:00 p.m. Australia – Monetary Policy Meeting Minutes
• All Day, U.S. – Bank Holiday

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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