Daily Gold News: Wednesday, June 15 – Gold Bounces From $1,800 Ahead of the Important FOMC Release

Gold Price Recap

The gold futures contract lost 1.00% on Tuesday, June 14, as it extended its Monday’s decline of 2.3%. The market retraced last Friday’s advance following higher-than-expected Consumer Price Index release. Gold went closer to the $1,800 level again on Monday. This morning gold is retracing its yesterday’s drop, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 1.0% higher this morning, as it is trading closer to its yesterday’s daily high. What about the other precious metals? Silver is 2.1% higher, platinum is 2.9% higher and palladium is 1.8% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Producer Price Index release has been as expected at +0.8% m/m. Today we will get the Retail Sales number release at 8:30 a.m. and the important FOMC Statement release at 2:00 p.m. We will likely see an increased volatility later in the day.

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.

Wednesday, June 15

• 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m
• 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
• 12:20 Eurozone – ECB President Lagarde Speech
• 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate, FOMC Economic Projections
• 2:30 p.m. U.S. – FOMC Press Conference
• 9:30 p.m. Australia – Employment Change, Unemployment Rate

Thursday, June 16

• 7:00 a.m. U.K. – Monetary Policy Summary, Official Bank Rate, MPC Official Bank Rate Votes
• 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims, Building Permits, Housing Starts
• Tentative, Japan – Monetary Policy Statement, BOJ Policy Rate
• All Day, Eurozone – Eurogroup Meetings

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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